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
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
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.