10 Year Level Term Life Insurance Policy

The death benefit also stays the same.

10 year level term life insurance policy.

And proceeds may help your family financially if the unexpected happens when they still have major expenses. The word level is key to the definition. Term life insurance offers level premiums for a specific period of time generally 10 20 or 30 years. The premium paid on this type of policy will be higher at.

Term life insurance guarantees the premiums will remain fixed for a specific number of years 10 15 20 25 or 30 years. A 10 year term life insurance policy is smart choice for a number of situations. The premium for the policy stays the same or level for the entire life of the policy. You can drop coverage at any time simply by discontinuing premium payments.

20 year term life insurance the comparison between 10 year and 20 year term life insurance shows just how flexible life insurance can be. The program is called lifebridge and is part of massmutual s corporate social responsibility initiative. A 10 year term life insurance policy is a level benefit term life insurance policy that states that the premiums will remain fixed and guaranteed for 10 years. And a 20 year term provides a better value than a 10 year term policy.

However you are not obligated to keep the policy for the full 10 years. A 20 year term life insurance policy is cheaper than a 30 year term because you are insured for a shorter period of time. The real advantage is that the insurance company is on the hook for the level rate for the first 10 policy years. The direct term policy is available in 10 and 20 year terms with level premiums.

The initial level premium tends to be lower than comparable permanent coverage. The most common types of term policies are for 10 20 and 30 year terms though you can get annually renewable term policies too. Massmutual also offers a free 10 year term life insurance policy to benefit children. The four most common scenarios we see and will expand on are protecting your income supplementing existing coverage securing a loan and retirement planning.

Final thoughts on 10 year vs. There s a life insurance term policy and premium level to fit every situation and every budget. A 10 year term policy remains in effect for 10 years after the date of purchase and both the death benefit and price go unchanged. Use a 10 year term life policy to protect your income.

A 10 year level term policy guarantees a fixed rate for a 10 year time period.