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Term 10 Life Insurance

Term 10 life insurance is the simplest and most common type of term insurance.  For those who need "temporary" coverage or those who need coverage at the lowest possible premium, Term 10 life insurance fits the bill.

As the name suggests, term life insurance is for "temporary" needs.  These needs may include coverage for debt such as a personal or business loan, mortgage, or for family needs while your children are young and dependant on you.

Term 10 insurance is usually purchased with a renewable and convertible option built into the plan.  This means that the coverage will renew every 10 years without you having to provide medical evidence for insurability purposes.  However, along with this is an increase in premium every 10 years.  As long as premiums are paid, the coverage will remain in force - usually to age 75 or 80 depending on the plan and the company - at which time the coverage expires without value.

The convertible option of a Term 10 plan allows you to convert your insurance to a permanent plan of insurance, such as Term to 100 or Universal Life, without proving medical insurability.  The conversion will be done at your age at the time of conversion.

If you plan to convert your Term 10 plan to a permanent plan in the future, be sure the Term 10 plan has this feature.  Some plans with much lower premiums don't provide a convertibility option.  Another consideration when purchasing Term 10 insurance is to look at what products there are available to convert to with that company.  Permanent plans such as Universal Life vary greatly in the options and benefits they provide.  Upon your request, we can provide you with the information you need to make this informed decision. 

Benefits and riders, such as a Child Term Rider, Accidental Death Benefit, and Disability Waiver, are usually optional features with most Term 10 Life Insurance plans.

A complete analysis of your life insurance needs with a qualified and experienced insurance professional, will help you to determine what your need for insurance may be.  For a no obligation analysis of your insurance planning needs, please contact us to discuss and review your options for your unique situation.

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