15-Year Term Life Insurance Quotes
The essential function of life insurance is to protect your family’s financial well-being in the event of your untimely demise. Life insurance is a delicate topic that many people delay making a decision on until the last possible moment.
InsuranceUSA.com strives to make the process of buying life insurance as pleasant and efficient as possible, helping you avoid mistakes by having a competent grasp on how life insurance functions. We think you should know as much as possible so you can make informed policy choices.
When shopping for a life insurance policy, you will quickly find there are many different policies from which to choose. Fortunately, InsuranceUSA.com is here to help you cut through the confusion with clear and concise information on various life insurance types and plans.
15-Year Term Life Insurance
The most common term-life insurance durations are 5, 10, 15, 20, 25, 30, and sometimes 35 years.
15-Year Term life insurance simply means that the premium and face value amount are fixed for a 15-year term. This type of term life insurance is usually well-suited for people who start policies later in life. For example, if you have a child who is about to enter adolescence and you want to assure he or she is protected throughout the college years, this policy is ideal, particularly if you are unmarried or your spouse does not need protection.
When the plan ends, there is often a provision for renewal or conversion. Some plans have Guaranteed Renewal, which means that the insurance company is guaranteed to write another policy of equal or lesser value with no regard to actual insurability. Other companies will require some proof of insurability in order to mitigate risk. This also enables them to decline renewals for clients deemed high-risk, such as those with a terminal disease.
Companies that require proof of insurability often include a conversion option. This allows the insured client to convert their term program to a permanent one offered by the company. Permanent programs are typically more costly, but the insured will face losing their coverage if they decline.
Some insurance companies will allow policy renewals until the age of 95 years old, but more often than not you will need to convert to a permanent policy at 65 in order to retain coverage.
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When shopping for a life insurance policy, you will quickly find there are many from which to choose. Different insurance companies often offer rates that differ greatly, and it pays to shop carefully for the lowest premiums, excellent customer service, and a strong financial reputation.
So what are you waiting for? InsuranceUSA.com is here to help you find an affordable 15-Year Term life insurance policy that best fits you and your personal situation. Get started now and sleep soundly at night knowing your family and loved ones will be provided for, no matter what happens!