10 Year Term Life Insurance
The 10 year term life insurance policy is one of the simplest and
most easily explained types of life insurance.
This term policy has a
guaranteed level death benefit as well as a guaranteed level premium
that lasts for 10 years.
With some insurance companies the insured is
allowed to renew the policy for another 10 years at a higher premium. If
you are looking for a high death benefit at a low premium for a fairly
short period of time the the 10 year term life insurance policy is for
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10 Year Term Life Insurance Explained
- Death Benefit
Upon the death of the insured the full face amount is paid to the
...either in one lump sum or in the form of a
The method of payment of the proceeds of the 10 year term life policy
is usually decided by the insured during their lifetime.
can be locked in at the time of application. In some cases the
beneficiary...if an adult...is allowed to decide how payment should be
- Conversion Privilege
Term life insurance
is temporary insurance...and most people have a permanent need for life
insurance. In order to ensure that the policy owner always has the
insurance s/he needs all insurance companies allow the insured to
convert their 10 year term insurance policies to a
permanent type policy
within a given period of time.
Some companies allow conversion at any
time, as long as the policy is in force. Some limit the conversion
period to a certain number of years. As an example, an insurance company
may say that you must convert your 10 year term policy within 8 years.
- Available Riders
life insurance companies
the applicant for a 10 year term life insurance policy may elect to add
certain riders to the policy which would enhance the benefits to the
owner. Here are some of them.
Waiver Of Premium Rider
waiver of premium rider
may be added to your 10 year term policy at a minimal cost. If you
should become disabled while you own the policy, after six months of
disability the insurance company will pay the premiums for you.
would have your insurance just as if you were paying for it yourself.
Whenever you are able to go back to work again you pick up the premiums
again. Nothing is owed to the insurance company for the missed premiums.
Accidental Death Benefit Rider
Let us suppose you had an automobile accident and died. If you had a 10 year term insurance policy with an
accidental death benefit rider
the insurance company would pay to your beneficiary the full face
amount of the policy, plus the amount of the rider.
Let us suppose you
had a $100,000 10 year term life insurance policy with an accidental
death benefit rider...double indemnity...and you died in an accident,
the insurance company would pay $200,000 to your beneficiary. If you had
triple indemnity the insurance company would pay $300,000.
Living Benefit Riders
Ever since the aids virus started spreading and killing people
life insurance companies noticed that policyholders, because they were
incapacitated, found themselves strapped for cash as the disease
They created a living benefit rider which could be added to
new policies which would allow the policy owner to collect a portion of
his or her death benefit before death.
This is only if they are
terminally ill. This would ease their financial burden and allow them to
live out their lives with less financial pressure. You could add this
rider to the 10 year term life insurance policy...if your company offers
Spouse And Child Riders
Some life insurance companies allow you to add a comparatively
small spouse or child rider to your 10 year term life insurance policy.
This is usually a
or 10 year term policy which would be cheaper than had the policies been bought separately.
- Minimums And Maximums
Each life insurance company has certain minimum and maximum
amounts of insurance they would issue on an insured. One company may not
issue less than $20,000 of 10 year term life insurance and not more
than $1,000,000. This is just an example, as some companies offer as
much as $10,000,000 or $20,000,000.
If you therefore have a need for a large amount of life insurance and you have limited funds the 10 year term life insurance policy may be ideal for you.
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