15 Year Term Life Insurance
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15-year term insurance is term life insurance that provides coverage for 15 years and it’s the least expensive type of life insurance because it only covers 15 years instead of your whole lifetime. 15 Year Term life insurance can be used to provide financial protection to replace income, cover debt or college bills, and so much more.
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There are 2 types of 15-year term life insurance policies: a convertible and a non-convertible 15-year term. When you buy a non-convertible 10-year plan, there are no options to renew the policy when it expires, you will have to qualify for and buy a new policy at that point; however, with a convertible 15-year term plan you do have the option to convert your policy to a permanent life insurance plan during the fifteen-year duration of your policy.
Is 15 Year Term Insurance Right For You?
15-year term insurance is a good option for those who are in need of protection and want to keep it short-term or cover 15 years at a time without breaking the bank. In general, life insurance policies should last as your financial obligations do. It’s useful to take a look at what financial priorities you are concerned about in the future to help determine if this is a good plan for you. For example, if you have 10 years left to pay on your mortgage, a 15-yr Term policy provides the best value and matches the duration of your financial obligation.
For example: if you are 50 years old and want to make sure you have a specific amount of coverage until age 65, 15-year term life insurance is perfect for you.
What Riders are available on 15 Year Term?
Riders are optional, extra coverage that goes into effect along with your basic policy, often at an additional cost. Simply put, a rider provides additional coverage and added protection against certain risks. Riders are cost-effective add-ons you can choose in addition to your life insurance policy. They make your policies robust and broad, covering events that can happen while you are living.
- Accident Only Disability Income – This rider provides a monthly benefit while the insured is totally disabled, up to a maximum of two years. Benefits are not payable unless the total disability is the result of an accidental injury and begins within 180 days of the accidental injury and prior to the insured’s 65th birthday. Benefits are not payable until after the insured has been continuously totally disabled for 90 days.
- Child Insurance Term Rider – This rider provides level-term insurance to age 25 on all children of the insured at the time of application who are age 15 days through 18 years. While the rider is inforce, children born to the insured or children adopted by the insured who are age 15 days through 18 years will also be covered.
- Critical Illness Benefit – This rider provides a lump-sum benefit if the insured receives a first-ever diagnosis for one of the specified critical illnesses, including heart attack, invasive cancer and stroke.
- Monthly Disability Income – This rider provides a monthly benefit while the insured is totally disabled, up to a maximum of two years. Benefits are payable only for total disabilities beginning before the insured’s 65th birthday and are not payable until after the insured has been continuously totally disabled for 90 days.
- Disability Waiver of Premium – This rider provides for waiver of all policy and rider premiums during an insured’s total disability occurring prior to their 60th birthday and lasting at least six months.
Which Type of Insurance is right for you?
Everyone has their own needs, wants, and wishes for buying life insurance. Ultimately the best life insurance policy is the one that pays out to your beneficiaries when you need it to. Working with a Quote-Bot will help you find a budget-conscious life insurance plan to make sure your family members or business partners are properly taken care of when you need them to be. Here are two of our most popular term life insurance products.
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Frequently Asked Questions
Our process and solutions are designed to help remove the need to talk with an agent. But yes, you can speak with an agent if you like. You can use the chat feature on this page or call and speak with an agent.
Missing a premium is an important thing to know about and thankfully there are programs in place to help notify you if you do miss a payment. Typically you have around a 30-day grace period to make your payment. The insurance company will email you but may send you paper mail, making you aware of the payment issue and giving you instructions on how to resolve it. If you do not make a payment during the Grace Period, you will have to go through underwriting again to keep your coverage.
If you are age 18-50 and applying for up to $1,000,000 of Death Benefit, or ages 51-65 applying for up to $500,000 of Death Benefit, you may not need an exam! When you apply outside of those death benefits or ages, you are required to have a medical exam. Don’t worry, well will help arrange that for you. These exams are required (if needed) so the insurance company can verify your eligibility and your premium amount.
Instant decision means that we will let you know immediately (possibly up to 90 seconds) whether or not you are approved, if we need more information, if you were declined or if you need an exam. No need to wait around very long for answers.
Our Instant Decision process takes 10 minutes for most to complete. Some are faster, some are slower. The good news is that once your done with your application, we give you answers anywhere from instantly or up to a 90 second wait or so. It’s Fast!
No. We strive to provide a solution that allows you to go from beginning to end in minutes without the need for speaking to an agent.