Term life insurance helps protect the financial stability of both your family and your business. 10 year term life insurance offers the lowest annual cost for term policies. It is less expensive than both permanent life insurance (both whole life and universal life) and 15, 20 or 30 year term life insurance. Shorter term insurance policies are often used to fund buy-sell agreements for businesses, to provide key person or key man insurance for an important employee, or to lower the annual premium (versus a longer term period).
Ten year term insurance can be converted to permanent insurance at a later date with no additional underwriting if your health changes. Generally, term insurance is offered for guaranteed periods of 10, 15, 20, or 30 years. After the 10 year term expires, the premiums increase annually based on age as long as premiums continue to be paid.
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