Narrow down life insurance companies by coverage levels, riders offered, medical exam requirements and more to get a quote for a 15-year term life insurance policy.
A term life insurance policy ensures your loved ones are covered financially when you die. Choosing how long your coverage should last depends on the length of your financial obligations, for many people, that’s a 15-year term. It’s budget-friendly, and your premium doesn’t change during the life of the policy — even if your circumstances do.
When setting your rates, underwriters consider your age, health, lifestyle, medical history and occupation. The younger and healthier you are, the cheaper your rate will be — simply because you’re less of a risk for the insurer. When you sign off on a term life insurance policy, the coverage is set.
| Age | Gender | Health | Average monthly premium |
|---|---|---|---|
| 30 | Male | Nonsmoker | $21.34 |
| 30 | Female | Nonsmoker | $17.31 |
| 30 | Male | Smoker | $47.84 |
| 30 | Female | Smoker | $38.44 |
| 50 | Male | Nonsmoker | $63.49 |
| 50 | Female | Nonsmoker | $48.69 |
| 50 | Male | Smoker | $185.67 |
| 50 | Female | Smoker | $133.37 |
*Sample rates provided by Policygenius and are valid as of August 2019
Term life insurance gives you protection for a time period, usually for 10, 15, 20 or 30 years. If you die during the term, your beneficiary gets a tax-free payment called a guaranteed death benefit. However, if you outlive the 15-year term, there’s no payout for your beneficiary.
Typically, term life insurance policies are the cheapest option and you may not need a medical exam to qualify, depending on the insurer. If you realize you need more coverage or find that you can afford additional protection, you typically can’t increase the death benefit on your term policy. However, if you realize you need more coverage, you can ladder policies by purchasing an additional one.
Term life insurance isn’t a financial asset for policyholders. While it provides protection for your loved ones, they can’t access the funds while you’re alive and you can’t get a refund if you outlive the term policy.
Ideally, your life insurance policy should be as long as your longest financial obligation. If you fit these scenarios, you might need a 15-year term policy:
If your kids are 10 and 12 years old, a 15-year policy will provide protection until they’re 25 and 27. At that stage, they’ve probably graduated from college and are climbing the career ladder, so you may not need as much coverage. On the flipside, if your children are much younger, you might want to look at a longer term length.
For temporary financial needs, like a mortgage, term life insurance is a good option. If you’re taking out a 15-year mortgage on your home, or have 15 years left on your loan, it’s worth considering a 15-year term policy. This gives you the opportunity to pay down your debt while you’re alive, and gives you the peace of mind knowing that your family won’t be responsible for those payments if you die. The same principle applies to other debts, like student and car loans. You’ll want a term length that’ll pay off those debts.
Many people purchase a policy that takes them up until their retirement, so 15-year policies are popular among those in their late 40s and early 50s. Usually, the last 15 years prior to retirement are crucial earning and saving years. You’re probably well established in your career, earning a solid salary and funneling money into your 401(k) to prepare for your own retirement. You’ve likely paid off a good chunk of your debts and seen your kids through college. If you die during the term, your policy kicks in to offer your loved ones a source of income.
While you’re relatively young and healthy, the price difference between 10 and 15 years of protection and adding 50% more coverage to your policy can be as little as a few dollars a month. Many people see the value and affordability in more coverage and opt for the extra five years. This means their beneficiaries receive a higher death benefit if they die, for a small investment on their part.
Consider a different term if:
If your term policy expires, that’s a positive thing: It means you’re alive and kicking. There are a few options available to you:
For many people, a 15-year policy aligns with their longest financial obligations, such as a mortgage, and offers their family a sense of financial security and a source of income if they pass away.
No one can predict the future, but if you believe you have 15 years of financial responsibilities and loved ones relying on you, this length of coverage may suit you. To make an informed decision, check out our guide to life insurance.
Exclusions are the conditions under which your life insurance carrier won’t pay out the death benefit — and the added cash value benefit if you’ve opted for a permanent policy.
The exclusions are listed on your life insurance policy. Typically, providers stipulate they won’t cover self harm or suicide within the first 13 months of your policy’s start date. Reckless behavior while under the influence of drugs or alcohol is another common exclusion. Some carriers also restrict travel to certain countries, such as those in the middle of a war. If you die while traveling to those countries, your beneficiaries won’t get the death benefit.
To find out the restrictions that apply to you, read the fine print of your policy.
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