New answer on: What Does 15 Year Term Life Insurance Mean?

By: Peggy Mace

Peggy Mace — Fri, 14 Jun 2013 12:04:48 +0000

15 year Term Life Insurance is life insurance that will provide coverage for 15 years. The price is assumed to stay the same during that 15 years, but that is not always guaranteed, so a good question to ask before purchasing the policy. When the 15 years end, you either have to apply for a new policy or pay a new and higher price for the same policy.

By: Ted Ratliff

Ted Ratliff — Fri, 14 Jun 2013 10:43:07 +0000

Term insurance provides a life insurance for the term of the policy so in this case the insurance would be in effect for 15 years. After 15 years if your policy is renewable you can renew the policy but the premium will be higher and based on your age at the time of renewal. Some policies will also allow you to convert to a permanent plan regardless of your health.