Fidelity Life: What is 10-Year Term Life Insurance?
What 10-year term life insurance is and how it works
10-year term life insurance is a policy that provides a decade of guaranteed insurance. If a person dies within that time period, their beneficiary will receive the coverage amount. This coverage amount is generally tax-free. The insured person's premium will remain the same during the duration of the term. Once the 10 years have passed, the policy will expire. Depending on the provider, a policyholder may be able to convert it to a permanent policy. A 10-year term policy is considered to be one of the more affordable life insurance options.
Factors influencing the premium rates of a 10-year term policy include age, current health, and health history. Health is a significant factor in how high the premiums will be. Example: The premium cost for a 30-year-old non-smoker male with a
Who can benefit from 10-year term life insurance?
Depending on life and financial circumstances, some life insurance shoppers can benefit more from a 10-year term life policy than others. One example is a young family. Parents with middle school-aged children often desire to support their kids into young adulthood and help pay for their college tuition. Ten years can be enough time until the children are old enough to support themselves financially. Another example is if an individual is planning on retiring in 10 years. The policy can provide financial security for their family until they reach retirement and
Some life insurance shoppers may have less than 10 years on their mortgage. A high enough coverage amount on a 10-year term policy could pay off the mortgage in the event the policyholder passes away, reducing their family's financial burden. Life insurance shoppers can consider other debts, such as credit cards, loans, and living expenses when determining the best coverage amount.
The bottom line
A 10-year term policy may be ideal for both young families and older adults. Life insurance shoppers will want to evaluate their current financial circumstances to determine if 10-year term insurance is right for them.
Fidelity Life offers term life insurance policies online and with the help of a licensed agent, making it easier to get coverage.
For all media inquiries, contact:
[email protected], (312) 288-0068
This content was issued through the press release distribution service at Newswire.com.
Source: Fidelity Life
PCF Insurance Acquires Property and Casualty MGA United Underwriters
Insurance magnate Greg Lindberg, in prison for bribery, wins new trial
Health/Employee Benefits News
Life Insurance News