15-Year Term Life Insurance
When a primary wage earner of a family passes away, it can create a financial burden for those left behind. A 15-year term life insurance policy is a sure way to provide replacement income if you pass away during the policy period.
Term life insurance is available in multiple lengths, typically ranging from 10 to 30 years. It’s a popular life insurance option, as it tends to be less expensive than permanent life insurance while still providing peace of mind. Learn more about 15-year term life insurance policies below to see if it could be the right fit for you.
What is 15-year term life insurance?
A 15-year term life insurance policy provides a financial safety net for 15 years once your policy is in effect. When considering whether a 15-year term is right for you, there are a number of factors to keep in mind—cost, income, age, family size and current and future financial responsibilities. It can be a lot to consider on your own, but at SelectQuote, we can develop a quick profile of your needs and match it to the best term length and price.
For example, a 15-year term length might be a good fit for a couple in their 40s who have done a great job of managing their money, and in a few years, hope to pay off their home. They were looking forward to not having mortgage payments anymore, and comfortable gearing up for retirement, but gave plenty of pause when asked, “what if an unexpected event led to a loss of income?”
With a 15-year term life insurance policy in place, the money could be there to pay off the mortgage and handle day-to-day expenses, keeping their financial future secure even if one of the incomes is lost.
Of course, this is just one example of how term life insurance can bring you reassurance and protection. Everyone’s circumstances and concerns are different, which is why we’re here to help you figure out what term length is best for your situation and needs.
Who would benefit from a 15-year term life insurance policy?
For some people, a 15-year term life insurance policy is the best fit, especially for those with slightly older children or who need additional financial security for the future. A family with very young children, however, may benefit more from a 20- or 30-year term. Everyone has different needs when it comes to buying life insurance, and the different term lengths available are just one of the benefits of term life insurance.
In general, life insurance policies should last the length of your longest financial obligation. Many people who buy 15-year term life insurance policies are in their 40s and 50s, with financial obligations often including:
Getting kids through college
Paying off a mortgage
Focusing on reaching retirement age and lifestyle
If any of these are plans you have within the next 15 years, a 15-year term life insurance policy could be right for you.
15-Year Term Life Insurance Cost
Term life insurance rates depend on individual factors that make up your “risk profile” from the perspective of life insurance companies. It’s common to assume that life insurance is expensive, but it can be surprisingly easy to find affordable term life insurance. A healthy 35-year old female could potentially secure $500,000 in coverage for 49 cents a day.**
Just like regular health insurance, life insurance companies base their rates on a candidate’s life expectancy, including factors such as:
- General health
- Certain habits, such as smoking and drinking.
|Age / Sex||$250,000 Coverage Amount||$500,000 Coverage Amount||$1M Coverage Amount|
|25-Year Old Female||$9.08||$12.54||$18.55|
|25-Year Old Male||$10.20||$14.42||$22.09|
|35-Year Old Female||$10.41||$14.43||$21.17|
|35-Year Old Male||$10.79||$15.72||$25.36|
|45-Year Old Female||$17.38||$28.37||$49.29|
|45-Year Old Male||$21.23||$35.69||$66.16|
|55-Year Old Female||$32.85||$59.09||$109.89|
|55-Year Old Male||$46.76||$85.09||$163.77|
Monthly rates are based on a 15-year term policy for men and women in excellent health from one or more of the trusted companies we represent. Rates were pulled 2/2022. Your price could vary depending on your health, issuing company and other factors. Not available in all states.
The cost of premiums can also depend on your geographic location and many life insurance calculators will ask about your hobbies, your family’s health history, and sometimes, your driving history. Additionally, the type of policy, policy length and the benefit amount you choose will have an impact on the cost of your life insurance policy. For example, a 20- or 25-year term life insurance policy could cost more than a 15-year term life insurance policy of the same benefit amount.
All of the above factors will help determine the cost of your life insurance policy, so you’ll want to keep this information in mind while shopping around.
How to Buy a 15-Year Term Life Insurance Policy
Once you’ve decided a 15-year term life insurance policy is the right amount of coverage for you, it’s time to buy. At SelectQuote, we not only make the shopping process easy, but the application and purchasing part, too. In simple terms, buying a 15-year term life insurance policy through SelectQuote looks like:
- Get a free term life insurance quote from SelectQuote
- Choose the amount of term life insurance coverage that’s right for you
- Apply and buy a 15-year term life insurance policy with one of the trusted insurance carriers we work with
Ready to get started? Let SelectQuote shop 15-year term life insurance policies for you.
Term life insurance can be a powerful tool to have in place should the unexpected happen. When you’re ready to take the important step of purchasing a 15-year term life insurance policy, we’re here to help. We have helped millions of families find the right coverage for them by comparing term life insurance policies and rates from some of the most trusted insurance companies in just minutes.
Still unsure if a 15-year term life insurance policy is right for you? Check out our other life insurance options.
There’s a lot to consider when shopping for term life insurance and there are a variety of options to sort through. Whether you’re interested in a 15-year term life insurance policy or need a longer term length, we can help. In just minutes, we can help you find the right amount of life insurance coverage to protect you and your family.