10-Year Term Life Insurance
When a primary wage earner passes away, it can create major financial instability for those left behind. Life insurance provides replacement income in the form of a “benefit” to one or more designated beneficiaries, should you pass away during the policy period.
Term life insurance is a popular option among most people for this purpose. It’s available in multiple term lengths, including 10-year term life insurance policies and ranging up to 30 years.
Is a 10-year term life insurance policy right for you?
When considering whether a 10-year term is right for you, some of these factors might come into play: cost, income, age, family makeup, current financial responsibilities and future plans. It can be a lot to consider on your own, but we can develop a quick profile of your needs and match it to the best term length and price.
For example, a 10-year term length might be a good fit for a couple in their early 50s, who are both wage earners and have two college-bound teenagers. The reason? They wanted to ensure both of their children would have the tuition to attend college in case one spouse unexpectedly passed away.
Assuming both spouses outlive the policy, they’ll likely have fewer major expenses by then and be vetting retirement. We could help them re-visit their life insurance needs and better align with their current situation and expectations.
There are a number of other scenarios where purchasing a 10-year term length policy makes good financial sense, but a policy with a longer term length might also be worth considering. There could be significant advantages to purchasing a longer term and as much coverage as you think you need while you are young and healthy. Life insurance rates can go up every year. Find out what term length is best for you.
Steps Following the Expiration of Your Policy
Just like car insurance and health insurance, life insurance is a protection against the unexpected. You hope it never gets used, but there’s much comfort in knowing it’s in place for “what if” scenarios.
That said, it’s also smart to plan ahead instead of waiting right before (or after) your policy expires. To avoid limiting or expensive options, let us help you shop around for new coverage while you’re still covered. In fact, it makes sense to regularly re-shop your rates, as they do change more frequently than you might imagine. You’ll talk more in-depth about how your life has changed over the last several years and what your future plans look like.
Whether it’s switching to a longer term policy or converting to permanent life insurance (also known as whole life insurance), we can help you, again, find a policy that’s a good fit for your family and your budget.
Comparing 10-Year Life Insurance Rates
It pays to compare rates to 10-year term life policies because the very same plan can vary by hundreds of dollars from one carrier to another. An online quoting engine can be convenient, but doesn’t always allow you to compare rates, benefits or take into consideration any additional information—like a pre-existing condition, hobbies, work environment, etc.—that’s easier to explain in depth to an actual person. We can provide an unbiased price comparison to help match you with the best carrier for your situation in just minutes.
Explore the Cost of Term Life Insurance
Most people have no idea how much life insurance they need or what it will cost. Use SelectQuote’s quick look calculator to compare different term length options.