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 can provide replacement income to designated beneficiaries should 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.
Is a 15-year term life insurance policy right for you?
When considering whether a 15-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 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, they hope to pay off their home. They were looking forward to not having mortgage payments anymore, and comfortable gearing up for retirement, but they gave plenty pause when asked, “what if an unexpected event led to a loss of income?”
With a 15-year term life insurance in place, the money will be there to pay off the mortgage and handle day-to-day expenses, keeping their plans and future secure even if one of the incomes was 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 it makes sense to let us help you figure out what term length is best for your situation and needs.
Steps Following the Expiration of Your Policy
Simply put, life insurance is a protection against tragedy. You hope it never gets used, but there’s much comfort in knowing it’s in place in case something happens.
It’s also important to plan ahead instead of waiting right before (or after) your policy expires. One of the best ways to avoid limiting and expensive options is by letting us shop around for new coverage before your current policy is up. You’ll be able to tell us how your life has changed since instating your last policy and talk more in-depth about what your future plans look like.
Whether it’s switching to longer term coverage or considering permanent life insurance (also known as whole life insurance), we can help you secure a new policy that’s a good fit for both your family and your budget.
Comparing 15-Year Life Insurance Rates
It’s worth taking the time to compare rates because similar plans can vary by hundreds of dollars from one carrier to another. An online quoting engine can seem convenient, but it won’t always take into consideration additional information—like a pre-existing condition, hobbies, work environment, etc. At SelectQuote, we’ll take the time to get to know your situation and needs can provide unbiased price comparisons in just minutes.
Explore the Cost of Term Life Insurance
How much life insurance you need and how much it will cost varies from person-to-person. Use our quick look calculator to easily compare term length prices before talking with a SelectQuote agent.