When you buy a 15 year term life insurance policy most insurance companies let you enjoy level insurance coverage for the entire 15 year period. You can also find insurance companies that let you to start off your policy with a premium that is a little lower than usual. They will increase the premium after 5 years and may increase again after 10 years. When you are buying 15 year term life insurance, the insurance company will anticipate how long you will live taking into consideration various factors such as your health, smoking habits, life style, hobbies, etc. Your premium will generally be the average of what the insurance cost is for a given amount of insurance over a 15 year period. You can covert a 15 year term life insurance policy to a permanent policy after 15 years. Some insurance companies require you to convert the policy within a specified period before the 15 years.
A 15 year term life insurance is perfect for you if you have a child and you want to make sure that there is sufficient money to take care of your child until s/he graduates college. This policy is also useful if you are in business. Many business people use this policy to fund buy-sell agreements in the event of the death of a partner or a stockholder in a corporation. The face amount of the policy is paid to the partnership or corporation on the death of the insured who is a partner or stockholder. The money is used to purchase the deceased partner or shareholders stock or shares from his or her heirs. Businesses also use this policy to protect valuable employees. The policy amount is used to offset costs and possible losses while the business searches for a replacement for the dead employee.
You can also add riders to your policy by paying extra. If you have a premium rider waiver to your 15 year term life insurance policy, the insurance company will take over the payment of premiums for you if you become disabled. If you become disabled for at least 6 months, the insurance company will pay your 15 year term life insurance premium for you even if your disability lasts for the rest of your life. If you add a double indemnity rider, the life insurance company will pay to your beneficiary twice the face amount of your policy if die in an accident. If you had a triple indemnity rider, the amount would be thrice the face amount. You can even buy a rider to add your spouse or child to your 15 year term life insurance.
