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10-Year Term Life Insurance

A term life insurance plan can last for a fixed period, meaning it can expire, but you typically get the most coverage per dollar paid in premiums. One term life policy option is 10-year term life insurance. This policy provides coverage for a decade. Knowing how it works can be vital to picking the right life insurance policy for your needs. Let’s dive deeper into 10-year term life insurance, what happens when it expires, and some situations where a 10-year life policy can make sense.

What is 10-year term life insurance?

10-year term life insurance is a type of term life insurance that expires 10 years after you obtain the policy. If you pass away during the policy term, the insurer pays your loved ones a death benefit useful for helping with loss of income, paying off debts, and saving for the future. Talk to an Aflac agent about rates and your options. Keep in mind that premiums can also vary by your insurer, health, smoking status, occupation, and lifestyle.

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What happens after a 10-year term life policy ends?

A 10-year term life insurance policy expires after the 10-year term length ends. If you don’t pass away during this period, your coverage ends. This means that if you pass away afterward, your beneficiaries won’t receive a death benefit. For example, if you got a 10-year term life insurance policy on January 1, 2023, it would expire on January 1, 2033.

What to do after your 10-year term life insurance policy ends

If your 10-year term life insurance policy is expiring soon, you have a few options to continue coverage:

Renew your policy

Many term life insurance policies come with renewal riders. These let you renew your policy to extend coverage without taking a new medical exam. However, premiums will increase since you’ll be older than when you first got the policy. When you renew a 10-year term life insurance policy, you will get the same term length of 10 years.

Convert to a permanent policy

Some policyholders may decide they want lifelong coverage when their term life insurance ends. If your 10-year term life insurance policy has a conversion rider, you can convert it to a permanent life plan with no medical exam.

Additionally, a permanent plan gives you access to a cash value growth component. Every time you pay premiums, your insurer puts funds into your cash value, where it grows tax-deferred based on the policy type. For example, whole life insurance cash value grows at a fixed, guaranteed rate. You can then borrow or withdraw from your cash value when you accumulate enough. Your insurer will pay your cash value to you minus surrender charges if you surrender the policy. Keep in mind that premiums may increase significantly since permanent life insurance policies cost more than term life insurance, and you’ll be older.

Get a new policy

If your policy has already expired, or you don’t have access to a renewal or conversion rider, you can apply for a new term or permanent life insurance policy. However, a new traditional life insurance policy may require a new medical exam.

Alternatively, you can get a no-exam policy, like final expense insurance, to skip the medical exam. Final expense insurance is designed to help cover end-of-life costs, such as funeral expenses and medical bills. As a result, these plans typically have small death benefits, lower premiums, lifelong coverage, and cash value. Aflac offers final expense insurance that fits most budgets and no medical exam.

Who should get a 10-year term life insurance policy?

Getting a 10-year term life insurance can make sense for people in the following situations:

Parents of growing children

10-year term life insurance can be a good option to help protect your children as they grow. Premiums are typically low, and if you pass away, your partner can use the death benefit to help with loss of income, pay off your debts, and pay for your children’s education. Then, the policy expires once your children leave the house. That way, you can stop paying premiums when you no longer need the policy.

People with short-term debts

If you pass away with debt, your estate may be used to pay those debts off. This can leave less for your heirs. As a result, people who take on long-term debt may get a 10-year term life insurance policy. Beneficiaries can use the death benefit to help pay off the debt if the policyholder passes away, allowing them to keep more wealth in the family. Plus, they can use the remaining death benefit amount however they please.

People who want reasonably priced coverage that fit most budgets

Term life insurance plans typically cost less than permanent life insurance.3 Additionally, 10-year term life insurance’s short-term length makes it one of the lowest-cost term life insurance options. Therefore, people who want less expensive coverage may want to consider this type of plan.

People who are retiring soon

People approaching retirement may still have dependents that rely on their income or debts to pay off, such as a mortgage. A 10-year term life insurance policy can help protect their beneficiaries if they pass away early. Furthermore, loved ones can use some of the death benefit proceeds to help pay for the policyholder’s funeral, travel expenses to the funeral, and other end-of-life costs.

Get 10-year term life insurance from Aflac

10-year term life insurance may last for a shorter time than other policies, but it can also get you an enhanced death benefit for some of the lowest premiums among all policy types. Plus, you may be able to renew your policy, convert it to a permanent life insurance policy, or get a new policy when it expires. This can make 10-year term life insurance excellent for families with growing children, people with short-term debts, policyholders who need less expensive coverage, and people approaching retirement. If you believe this type of coverage fits your needs, chat with an Aflac agent today to learn more about our 10-year term life insurance policies.

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