Why you may need to buy 15 year term insurance. The 10 year, 20 year and 30 year term insurance policies are most popular.
The 15 year term life policy has enthusiasts, this policy fits the need of the buyers.
There are many situations that the 15 year term life policy fits. Let us examine a few of them.
Let us assume you are married with 3 dependent children. You are not wealthy but you and your spouse have sufficient income to allow the family an envious standard of living.
Your youngest child is age 10. Your children do well in school, you are very proud of them. You look forward to high school and college graduation ceremonies.
What would happen if you should prematurely die, die before all your dreams for your children are fulfilled. You have savings which would cover these costs. This may be used up, however, depending on how early death occurs.
The least costly policy to buy to take care of these dreams until your youngest child is age 25 is the 15 year term insurance policy.
By the end of the 15 year period all your children would by that time have graduated. They would likely be looking about or already have been pursuing a career.
You could use the 20 year term policy or the 30 year term policy, but you would need to put out more in premiums for these policies.
Upon your death, regardless of how you die other than by suicide the full face amount of the policy will be paid to your beneficiary in one lump sum or in the form of an income if you elect to go this way.
In order to get your policy in force you need to qualify. There are three thing which determine how much you pay and whether a policy will be issued by a life insurance company or not.
Premium cost is determined by age of the applicant, health at the time of application and his or her occupation. The less hazardous the occupation the lower the cost.
Business people normally base their projections on 5, 10, or 20 years of activity. Some, however, think in terms of 15 years for varying reasons.
The 15 year term policy may be used to fund buy-sell agreements for Sole Proprietors, Business Partnerships, S Corporations, C Corporations or Limited Liability Companies.
This policy may also be used for Key Employee Life Insurance. You know, that super employee who seems to know everything and who is able to solve most any problem. Companies buy life insurance on their lives to help the company adjust after this person's death.
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