When an older person, say over age 50 to age 75, looks for term life insurance, they will have a different situation than when a younger person does it. Most of us realize that term policies are one way to get affordable rates for a larger face value. But we also know that those term rates will be a lot cheaper for a 25 year old than for a 55 year old.
When a thirty or forty year old looks for term, it is probably because they need a lot of coverage at a low price. In addition, they want that policy to last through the years when they are supporting children and paying off a home loan. Many younger people choose a thirty year term policy because it is still very cheap.
As we get older, we find that a couple of things are different. On the plus side, kids may be a lot closer to having finished school and moving out on their own. With any luck, home mortgages are close to being paid off. On the minus side, life insurance premiums will be more expensive because of our ages. But we can find much cheaper 10 year policies than 30 year policies. Adjusting the policy term is one way to lower the cost.
It may be fine for a middle aged person to buy ten year term so the rates will be cheaper. But since it is hard to predict the future, it may be a good idea to find an insurer that will allow the policy to be converted to a permanent policy before the length of the policy has elapsed.
This option has worked out well for many people. The term premiums we pay to today will be cheaper. This is because it is term, and also because it is only for 10 years. But we will still be able to choose to extend coverage in the future if we need it.
Let us help you find 10 year term rates no matter how old you are. Our fast and free online quotes can help you find the best US term life.