Term 15 life insurance offers a hybrid type policy for those, who are wavering between Term 10 plans and Term 20 policies. The premiums are fixed for 15 years and most plans are renewable to age 75 or 80. Additionally, most policies are convertible to a permanent plan without a medical.
The following are the pros and cons of Term 15 coverage:
The Pros
1. Affordable life insurance.
2. Most policies are convertible without a medical should the insured’s needs change.The Cons
1. Premiums increase significantly as the insured ages.
2. There are only a handful of life insurance carriers in Canada who offer Term 15 coverage and, in some instances, the premiums are only marginally lower than 20-year term policies.
The following is sample standard rate pricing for $250,000 of coverage for a male non-smoker Term 15 coverage:
1. Industrial Alliance: $30.38/month.
2. Unity Life: $37.13/month.
3. Primerica: $43.23/month.
For more details, please feel free to visit our website and while there, visit our Instant Quote Page or contact us at 1-866-899-4849.
