Stop! A 5 Year Term Life Insurance Policy is more expensive than a 10 Year Term:
If you’re looking for 5 year term life insurance rates then you should know this. 9 times out of 10, it’s cheaper to buy a ten-year term policy than a five year term policy. The reason why… because more companies offer a 10-year policy.
What is 5 year term life insurance?
There are only a handful of life insurance companies that offer a 5 year term life insurance policies, so it limits the companies you have to choose from. Even if you only need a policy for 5 years, most of the time, it makes more sense to buy a 10 year policy because it’s cheaper. Also after the five years is up, you never know, you may still want the policy. If you decide against keeping the policy you can just cancel the policy without penalty. Try out our rater and compare rates for 5 and 10 years. It only takes seconds to do.
We never really know where life will take us or how our needs will change and this can have big implications for the type of life insurance we choose. This is precisely why term life insurance was created, so as to offer an alternative to permanent, long-term whole life insurance.
Many people are intimidated by the thought of being locked into paying for a permanent life insurance policy. What if you can’t afford to pay such premiums for the rest of your life? What if you only really need to provide dependents with coverage for a certain period of time? That’s where the 5 year term life insurance rates can be beneficial. They offer flexibility and affordability all wrapped up in a comprehensive insurance policy.
A few of the term life insurance companies today offer policies for terms as short as five years. This means that for those with a new business partnership, a spouse who will be retiring in the next few years or a child who will be finished school in the near future, a short-term policy, such as a five year term, could be a perfect fit. What’s more is that if at the end of your 5 year term you suspect you will still need coverage, you can easily renew your policy at any time. This way, policyholders can receive adequate support for as short as 5 years or as much as 30 to 40 years. The choice is yours.
At TermLife-Insurance.com we offer the tools and information you need to find the best 5 year term life insurance rates. By using our rate checker tool or contacting one of our live, licensed agents for assistance, you can find the 5 year term life insurance quotes that work for you.
A policy and a rate tailored to your needs are what we aim to help you find when you visit us at TermLife-Insurance.com.
Sample 5 Year Term Life Insurance Rates