There are several kinds of insurance policies that are known to come up in the market these days that are launched by various insurance companies. To get the best out of insurance policy coverage, one should be aware as to some important aspects in this regard and this includes knowing the term period for insurance, benefits, features and other such crucial aspects. It needs to be understood that there are various term available for life insurance and it includes 10, 15, 20 or even 30. It is also to be noted that the longer the term period gets, the more expensive the life insurance would be.
Who needs 10 year policy?
Out of the many term policies, the 10 year term life insurance turns out to be quite popular and many people choose it as it is perfect for all of those who are looking for short term insurance policies. It provides one with an assured 10 year premium period and also offers guaranteed level death benefit in case one passes away in that 10 year period up to which the policy is in force. The 10 year life insurance is for those of them who are looking to get good amount of insurance money at the cheapest cost possible. It only lasts for a short period of time and turns out to be absolutely beneficial for those who do not want to commit to long term insurance policies. It is perfect for people who need only short term insurance coverage and this includes purposes like,
- Mortgage protection – The mortgage protection life insurance is a popular option that is perfect for middle aged couples who are looking to move to a larger house in order to accommodate a big family.
- Income protection – People in the age group of 40s and 50s are in the prime of their career and it would be perfect for them to go with a 10 year term life insurance policy as it helps towards protecting your income for the sake of your spouse.
- College tuition – Many people in the age range of 40 to 50 would go for 10 year term life insurance as it would help the college going children who have to pay tuition fees.
When going for life insurance policy, it is absolutely necessary that you check with certain important factors and make the right kind of informed decision to get the best results out of it.