10-Year Term Life Insurance
Expecting changes in the next few years and looking to protect your family financially? A 10-year term life insurance policy can provide coverage when you need it most.
What Is a 10-Year Term Life Insurance Policy?
Ten-year term life insurance is a type of term life insurance, which covers you for a set period of time. As the most affordable type of life insurance, term life insurance is a good fit for many people looking for financial protection while they raise a family, pay off a mortgage, or manage other financial responsibilities.
As the shortest term policy generally available, 10-year term life insurance will keep you covered for a decade. This type of policy is best if you’re looking to cover short-term financial obligations that will last 10 years or less, like paying off student loans. If you’re older and looking for coverage, a 10-year term life policy can provide protection during the last few years before your children are grown or while you finish paying off your mortgage.
If you think you’ll need coverage for longer than 10 years, though, you may want to consider buying a longer term policy now. Many young families need financial protection for decades, and your rates will be higher if you need to buy life insurance again when you’re older.
How Does 10-Year Term Life Insurance Work?
With a 10-year life insurance policy, you’ll make monthly payments to keep your policy active. If you die while the policy is still in effect, your beneficiaries will receive a lump sum of cash called a death benefit. This money is usually tax-free, and your family is free to use it to replace your income, pay down credit cards or other debts, cover day-to-day expenses, or pay for anything else they need.
Once your 10-year term ends, you have several options. You can:
- Renew your current policy, though your premiums might increase
- Buy another term life policy or switch to permanent coverage
- End your life insurance coverage
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10-Year Term Life Insurance Through eFinancial
At eFinancial, our goal is to make buying life insurance as simple and affordable as possible. With term life policies from 20+ leading insurance companies, we take the time to get to know your needs so we can help you choose the best coverage. Let eFinancial give you peace of mind about your loved ones’ financial future.
Want to learn more about 10-year term life insurance? To get started, request your free, no-obligation online quote or call 866-388-3996800-957-9525 to talk with one of our agents.