10 Year Term Life Insurance
10 year term life insurance, the most popular term insurance plan
, allows most individuals to get the insurance they need, while staying within or closer to budget. When quoted along with other plans, I would say that it is selected at least 70% of the time. I would imagine that it may be selected even more during harder financial times.How Does the 10 Year Term Life Insurance Plan Work
As its name indicates, this plan offers a limit on the amount of time that rates will be guaranteed to be level or projected to be level. What we mean by this is that if the plan specifically states that rates are guaranteed for 10 years then, unless you cancel the insurance or you do not pay the premiums, your rates will be guaranteed for 10 years. Please beware of the 10 year term life insurance plans that only give you a projected guarantee period. In this situation, during the first 10 years of the policy, the insurance company may allowed to raise your rates. This can be a big problem as rates can, at times, be raised very high.
We strongly recommend that you always select the 10 year term insurance plan that will guarantee rates for the entire 10 year period. After all, you most likely selected this plan because rates were low to start with. You don't want to be hit with high rates halfway through the plan period.
What is Convertibility of a 10 year term life insurance plan
Particularly with this plan (as opposed to the 15, 20 or 30 year term insurance plans), you want to make sure that the plan is convertible. What that means is that, if during the forts ten year of the plan you decide that you would rather have a permanent type of life insurance, you can just convert your term life insurance plan by just filling out a simple request form.
A main reason to make sure that this option is available is health changes. Should you develop health issues during the period that your policy is in force and you find out that no one will now cover you for life insurance or rates would be very high even if approved, you want to make sure that your present 10 year term life insurance is convertible to either whole life insurance, universal life insurance or both. This will allow you to lock in in your original approval rating for life.
Not all 10 year term plans offer the convertibility option for the length of the 10 years. Some companies limit this option to the first five years, some allow it within the first ten and very few allow it once the guarantee period has expired. Please read your policy carefully and try to select the plan that offers you the longest convertibility period at reasonable rates
When to Select the 10 year term Life Insurance Plan?
Uses of this plan are very varied. The most common uses are:
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Short term needs - if you take out a loan and the length of this loan is only ten years, then this plan may be the best and most affordable. We often see the use of 10 year term life insurance plans with SBA Loans. In these situations, a lender requires that the borrower secure the loan with a life insurance policy. Lenders rarely care how long the guarantee period of the plan is so borrowers often select the cheapest plan which usually is the ten year term insurance plan.
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Long term needs Unaffordable - in a situation where the need is long term but rates for a long term plan would be unaffordable, the 10 year term is a good choice. It allows for the coverage to be in place until, the insured is able to switch to a more appropriate plan.
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High amount of insurance needed - Similar to the reason above, in this case, if you need a very large amount of insurance, getting a whole life insurance policy may not be affordable yet. Since t is better to focus on the amount needed, rather than the guarantee period of the plan selected (or the cash value), a 10 year term life insurance plan is a better choice as it allows for a lot of insurance coverage at much lower rates than whole life or even longer term insurance plans such as the 15, 20 or 30 year term plans.
We hope this helped you get a better understanding of the 10 year term life insurance plan and it's uses. Please always feel free to ask us questions. They are always FREE and our answer are very fast.
by: Michoel Philippe Deray
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