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10 Year Term Life Insurance

When it comes to looking for life insurance coverage at an affordable rate, 10 year term life is a cheap solution. 10 year term life provides protection for a period of 10 years. After the 10 year term, if the insured is still living, they can choose to renew the policy for a longer term, convert it to a permanent life insurance policy or purchase an entirely new policy.

Benefits of 10 Year Term Life

Are you approaching retirement years? Do you have very few financial obligations? Are your kids grown, out of the house and making a living on their own? Consider 10 year term insurance if you answered yes to any of these questions. You may also want to consider a term life insurance policy with a 10 year term if you only need to be covered with a high face amount, at a low premium for a short period of time. For instance, if you have less than 10 years left on your home mortgage or you are looking for an affordable option to cover final expenses should you die within 10 years.

Lock In Low Rates

If you are young and relatively healthy, it makes sense to purchase a life insurance policy with a 20 or 30 year term, especially if you just started a family. However, if your budget is tight, start with a 10 year term life insurance policy. It at least provides enough coverage to get you started and lock in low rates for a period of 10 years. Once your financial situation has improved, you can "layer" life insurance policies. This simply means purchasing multiple policies for various lengths of time. For instance, if your 10 year term insurance policy has only 2 years left, you can purchase another policy for 10, 20 or even 30 years. This way you are protected even if your first 10 year term life policy expires.