How Long Will My Coverage Last With Term Life Insurance?

Ross Quade | General | 2 Feb, 2016 | No Comments

Are you currently in the process of shopping for a term life insurance policy?


If so, you’re likely curious about how long this type of coverage will last. After all, does term life provide coverage for only a few years or for a few decades? The answer, like so many insurance questions is, well it depends.


Depending upon the policy and provider, you can expect coverage ranging from 10 to 30 years. While some term life insurance policies may provide coverage for a shorter or longer period of time, every term life insurance policy has a defined duration.


Are There any Other Options?

Although term life insurance tends to be the most popular and affordable option, it is not the only type of life insurance available. In fact, if you prefer long-term coverage, whole life insurance can be a wise choice.


SEE ALSO: 5 Things To Keep In Mind As You’re In The Process Of Purchasing A Life Insurance Policy


Offering guaranteed premiums, death benefits, along with a cash value, whole life insurance is often used an investment tool. However, while coverage is guaranteed throughout the insurer’s lifespan, the cost for coverage is far higher. Premiums can be anywhere from 2 to 3 times higher than term life insurance, making permanent, or whole life insurance, a much more expensive option.


The takeaway here?


Unless you have a significant amount of financial assets to protect and are able to afford the premiums, you’re better off to select a term life insurance policy.


Process of Applying for Term Life Insurance Coverage

Whether you decide to invest in term life insurance for 10 years or 30 years, you’ll need to go through the process of applying for coverage.




Don’t be, applying for life insurance coverage is easier today than ever before! In fact, you won’t even need to search online through dozens of providers and policies to find the answers you need.


Instead, just complete the following steps.


1.) Select a policy

First things first, go ahead and begin searching for a policy. And with, you won’t even need to enter any personal contact information. Displaying real-time rates in an easy to understand chart, policies and premiums can be easily compared side by side.


2.) Take a medical exam

Next, depending upon the type of coverage you select, you will need to plan on taking a medical exam. While not every insurer may require an exam, the vast majority, or at least the most affordable, do.


SEE ALSO: Do I Need To Take A Medical Exam Before Purchasing A Life Insurance Policy?


Although it may be tempting to skip out on this portion of the application process altogether, more often than, you will be far better off by taking the exam. Not only is it an opportunity to get your health in check, it can save you hundreds, and even thousands in the long run.


3.) Submit the application

Last but not least, you will need to submit the application. Luckily, in most cases, you will be able to do this within minutes online. With many providers now accepting e-signatures, it is possible to be approved for coverage within days.


How Soon to Seek Coverage?

Now that you have a better understanding about the process of applying for term life insurance, you may be curious about when to seek coverage.


After all, does it really make sense to buy coverage at a young age?


While there’s no simple answer here, the reality is that you are better off if you choose to secure coverage now rather than putting it off. Qualifying for the best coverage at the lowest possible price is a far easier task in your twenties than in your fifties. Insurers like to see that you are in good shape and in great health, making it favorable for younger individuals to lock in the lowest rates early on.


Have another question regarding term life insurance? If so, be sure to check out our Term Life Insurance FAQ or leave us a message in the comments below.


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