What Does 10 Year Term Life Insurance Mean?
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63333 POINTSview profilePeggy MaceMost of the U.S.10 year term life insurance means that the policy will stay the same price for 10 years, then either end, or jump way up in price. Some policies offer a rider to extend the policy beyond 10 years at an additional cost. Normally, after the 10 years of a 10 year term life insurance policy are up, the insured person must apply for a new policy at rates appropriate to their older age and health at that time. Or else they may be able to convert their policy to permanent insurance before the 10 year term ends. The permanent insurance is guaranteed to have the same health rating as the term did, and priced according to the age of the insured at the time of conversion.Answered on August 10, 2013flag this answer
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