Life insurance is one of the most important types of insurance you can have, but it's also one that many people neglect to consider. Life insurance is designed to help out your loved ones when you're gone, so you might dismiss it as something that you really need now. However, once you're no longer around, it will be too late to take action to protect your family. Taking out life insurance is all part of good estate planning and thinking about the future.
Term life insurance is one of the options you have if you want to take out a life insurance policy. This allows you to get covered for only 5 years up to 30 years. If you don't want to commit to a whole life insurance policy which can be much more expensive, a term life insurance policy might appeal to you. It can save you money and offer a lot more flexibility while giving you the coverage you need to protect your family.
Term life insurance is designed to provide coverage for a chosen period, after which you can let it expire or may be able to renew it. The common options for short coverage are 5 year term or 10 year term life insurance. A 15-year life insurance policy provides coverage for a significant amount of time without having to commit to a whole life policy. It can be a good value option that saves you money while still offering the coverage you need.
Deciding what type of life insurance you need and how much coverage you require can be difficult. There are so many options and everyone has different circumstances, so there's no "one size fits all" model. You need to think about your individual needs, your family and dependents, your finances, and other factors that can make a difference.
Term life insurance is a good choice for anyone who wants to save money. Compared to whole life insurance, it's much more affordable. Some policies even have a return of premium option, which means you get your money back at the end of the policy, although this usually makes it more expensive.
Term life insurance can be particularly appealing to young families. It enables you to take out life insurance when it's most important for a lower cost. When your children are grown, you might be able to afford a different policy or you might decide that life insurance is no longer as important.
There can be some downsides to term life insurance, so it's worth considering if it's the right choice. Unlike whole life insurance, term life insurance doesn't have a cash value. This is something to think about if you are deciding whether it's the right option for your needs.
If you're looking for the right term life insurance, you can choose between a 15 year level term life insurance or a 15 year decreasing term life insurance policy. Both of these have their place and can provide you with the coverage you need.
Level term life insurance will provide you with the same amount of coverage across the whole term. This is the type of insurance you will probably want if you want to protect your family as your children grow up or to provide protection while you're working, or even engaging in a risky hobby.
The other option is decreasing term life insurance, which involves decreasing coverage over the term. This is the best option if you want to provide coverage to pay off a debt in the event of your death. For example, you might have a mortgage or loan that will be matched by the amount of coverage on your life insurance as you pay it off.
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When choosing between term life insurance and whole life insurance, it's helpful to know that some term life insurance is convertible. That means you can upgrade it to whole life insurance during the term if you decide that you want more permanent protection. Not all term life insurance is convertible, but there are plenty of options out there if it's a benefit that you're looking for.
In addition to convertible term life insurance, there are other riders and benefits you can choose when taking out a 15 year term life insurance policy.
Exactly which options are available will vary with the provider and policy. However, you can expect to find options such as:
Convertible term life insurance–the option to convert to whole life insurance
Return of premium–get your premiums back at the end of the term
Accidental death–pays out an additional amount of death benefit if the policyholder dies in an accident
Adding a rider to your life insurance policy can ensure you get more from it. However, keep in mind that you will often have to pay more to add one of these riders to your policy.
The average 15 year term life insurance cost is $36 per month or $432 per year for a $1 million worth of coverage. The table below shows the rates of the life insurance companies you might want to work with:
| Cost per Month | Cost per Year | Best for | |
|---|---|---|---|
| Haven | $10.05 | $120.60 | Easy online applications |
| Fabric | $13.52 | $162.24 | No medical exam 15 year term life insurance insurance, affordable rates |
| Ladder | $13.80 | $165.60 | Flexibility |
| Ethos | $17 | $204 | 15-year term life insurance with money-back guarantee |
| USAA | $20.40 | $244.80 | 15 year term life insurance for military personnel |
| AARP | $34.50 | $414.00 | 15 year term life insurance for seniors |
| Bestow | $46.10 | $553.20 | 15 year term life insurance for 15-60 year olds |
How much 15 year term life insurance rates are will depend on multiple factors. Firstly, your age makes a difference. Older people are more likely to experience health problems, so they typically pay more for health insurance. Your gender also matters as men are usually seen as more at high risk compared to women.
Another crucial factor to consider is your health. Someone who is in great health will usually be able to get better rates compared to someone who has certain health problems. Many life insurance providers will require a medical exam for at least some of their policies. However, there are often policies available that don't require medical exams.
Your lifestyle will be taken into account too, as there are many things that could affect your health or increase your risk of being involved in a fatal accident. If you smoke or use tobacco products, for example, you may end up paying more for your life insurance. If you have a high-risk job or hobby, this can also affect the cost of your premiums or even whether a life insurance provider is willing to insure you.
Although rates will vary, you can use insurance calculators to get a rough idea of how much you might pay. Take a look at these estimates of costs for a 15 year term life insurance policy for someone living in CT who is in excellent health and doesn't smoke.
| Customer Type | $250,000 Coverage | $500,000 Coverage | $1m Coverage |
|---|---|---|---|
| 30 year old male | $13.52 | $16.86 | $27.20 |
| 30 year old female | $12.95 | $16.43 | $26.33 |
| 40 year old male | $18.05 | $23.29 | $40.05 |
| 40 year old female | $17.06 | $22.86 | $39.19 |
| 50 year old male | $48 | $80.13 | $144.39 |
| 50 year old female | $35.71 | $59.34 | $105.01 |
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15 year term life insurance is available from a variety of providers. Most providers start their term coverage options from 10 years, and they will often offer terms in 5-year increments. However, some providers will skip over the option of a term of 15 years and provide only 10 or 20 years of coverage. Some of the top providers include:
130+ years of underwriting life insurance
100% digital term life insurance experience
Money-back guarantee
No price changes
Good customer experience
Coverage can't be increased after purchase
Fabric provides a fast online service that makes it easy to arrange your term life insurance online. They have a broad range of options, with different term lengths and a broad range of coverage too. No medical exam is required, and you can quickly get set up within just a few minutes. However, you can't increase your coverage once you've taken out a policy.
Best for: No medical exam 15 year term life insurance insurance, affordable rates
Average cost: $13.52 per month
Our rating: 10/10
15 year term life insurance can be used to cover some treatment costs if you become terminally ill
Comes with other perks
Highly involved
Quote online or call
15 year term life insurance is only available if you become a member
The elderly need more than just comprehensive coverage when it comes to 15 year term life insurance. A policy that grants healthcare benefits is also useful for them. AARP exists to cater this demand.
AARP is a non-profit and non-partisan organization that can be located in all US locations. Its 15 year term life insurance policy is underwritten by New York life. It comes with perks that help with dental, vision, and other services.
Best for: 15 year term life insurance for seniors
Average cost: $34.50 per month
Our rating: 10/10
Automatic underwriting
Get an estimate of your rates online
Works with multiple insurance companies to grant you coverage
No medical exam
Term life insurance can’t be converted into a whole life policy
Ethos is also a good option if you’re looking for an instant 15 year term life insurance coverage. Similar to Fabric, this company allows you to purchase your policy online. You can get covered without any medical exam. The best part is that your policy can come from more than one underwriter as Ethos works with numerous insurance companies such as Legal & General America, Ameritas Life Insurance Corp., and TruStage®.
Ethos understands that you might switch during the policy period. And so, it offers a money back guarantee should you really do so. Policy cancellation can be also done anytime without any charges.
Best for: 15-year term life insurance with money-back guarantee
Average cost: $17 per month
Our rating: 10/10
Great discounts for members
15 year term life insurance offers child coverage
No medical exam required when converting 15 year term life insurance to permanent life insurance
Convertible
Only available to USAA members
Military personnel need coverage that really suits their needs. And if you’re one, consider working with USAA. USAA works with US military personnel-active or retired. Its 15 year term life insurance policy offers up to $10 million worth of coverage. Moreover, riders are automatically included such as child coverage, life events coverage, and the option to convert into a permanent life insurance after one year of getting insured.
Best for: 15 year term life insurance for military personnel
Average cost: $20.40 per month
Our rating: 9/10
Backed by a long-standing insurance company
Easy to apply online
Other financial services available
No convertible term life insurance option
Not available for those enlisted in the military
Haven Life offers a range of term lengths for term life insurance, including a 15 year term. There are options available with no need for a medical exam, and they even offer shorter terms than many other insurance providers. They have an easy online application process and you can take out coverage of up to $3 million.
Best for: Easy online applications
Average cost: $10.05 per month
Our rating: 9/10
Good ratings from TrustPilot
No medical exam
Rates are very cheap if you’re in excellent health
Live chat
Riders might not be available
Bestow also offers an application process that's completely online to make it quick and easy to take out life insurance. They offer a great customer experience and claims process. Their products are good value for money too. You can get a quote in seconds and arrange your insurance in only a few minutes, and there are no medical exams required.
Best for: 15 year term life insurance for 15-60 year olds
Average cost: $46.10 per month
Our rating: 10/10
Flexible coverage
Offers a money-back guarantee
100% digital
Riders may not be included in your policy
Ladder offers a unique way to manage your life insurance, with the ability to adjust your coverage as your needs change. This flexibility also comes with the option to take out up to $3 million in coverage and their policies can be completely managed online.
Best for: Flexibility
Average cost: $13.80 per month
Our rating: 9/10
Get your 15 year term life insurance quote today to find out how much it would cost to take out the cover you need. Start comparing quotes to determine the best 15 year term life insurance for you. Sart by clicking the “Get Quotes” button on this page.
Excellent prices and customer service, and a very straightforward online shopping experience.
Incredible experience from quote to claims!
You wouldn't find such life insurance coverage, such excellent experience online, service and rock bottom rates elsewhere! That's my experience however. Don't think twice.
Very few coverage options... you are very limited on what you get life insurance wise, there are much broader coverage options on other life insurance companies
very indifferent about it
Not all those who wander are lost.
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