10 Year Level Term Life Insurance Policy

You can drop coverage at any time simply by discontinuing premium payments.

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 four most common scenarios we see and will expand on are protecting your income supplementing existing coverage securing a loan and retirement planning. Term life insurance offers level premiums for a specific period of time generally 10 20 or 30 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 premium paid on this type of policy will be higher at. The most common types of term policies are for 10 20 and 30 year terms though you can get annually renewable term policies too. The word level is key to the definition. The direct term policy is available in 10 and 20 year terms with level premiums.

Level term life insurance like all term policies lasts for a set period of time typically 10 to 30 years before it expires. The program is called lifebridge and is part of massmutual s corporate social responsibility initiative. The premium for the policy stays the same or level for the entire life of the policy. The initial level premium tends to be lower than comparable permanent coverage.

However you are not obligated to keep the policy for the full 10 years. 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. Term life insurance guarantees the premiums will remain fixed for a specific number of years 10 15 20 25 or 30 years. Use a 10 year term life policy to protect your income.

20 year term life insurance the comparison between 10 year and 20 year term life insurance shows just how flexible life insurance can be. Level premium insurance is a type of term life insurance for which the premiums remain the same throughout the duration of the contract. Massmutual also offers a free 10 year term life insurance policy to benefit children. 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.

The death benefit also stays the same. Final thoughts on 10 year vs. A 10 year level term policy guarantees a fixed rate for a 10 year time period. And a 20 year term provides a better value than a 10 year term policy.

A 10 year term life insurance policy is smart choice for a number of situations.