• Skip to primary navigation
  • Skip to main content
Good Financial Cents®
Content is based on in-depth research & analysis. Opinions are our own. We may earn a commission when you click or make a purchase from links on our site. Learn more.
  • Make Money
    • Get Money Now
      • Ultimate Guide to Making Money
      • Need Money Now
      • Get Free Money Fast
      • Make Money Fast
      • Make $1K Per Month
      • Make $100 Per Day
    • Control Your Destiny
      • Self Employed Jobs
      • Make Money from Home
      • Hobbies That Make Money
      • How to Become a Freelance Writer
      • Small Business Ideas to Start
      • How to Become an Independent Contractor
      • Best Online Jobs
    • Passive Income
      • Passive Income Ideas
      • Multiple Streams of Income
      • Extra Income
      • Residual Income Ideas
      • Learn to Sell e-Books
      • Make Money on Facebook
      • Make Money on Tiktok
      • Best Online Survey Sites to Make Money
    • Explore More
      • Best Side Hustle Ideas
      • Make Money for Teens
      • Best Online Colleges
      • Best Jobs No College Degree
      • Become a Millionaire
      • Careers for the Future
  • Manage Money
    • Best Of
      • Budgeting Tools
      • Personal Finance Software
      • Best Cashback Cards
    • Company Reviews
      • Personal Capital vs Mint
      • Personal Capital Review
      • SmartAsset Review
    • Guides
      • Buy or Lease a Car
      • What is Liquid Net Worth?
      • Setting Financial Goals
      • How to Budget
      • Ways to Save Money
    • Explore More
      • How Much Car Can I Afford?
      • Best Auto Refinance Companies
  • Invest
    • Best Of
      • Best Short and Long-Term Investments
      • Best Low Risk Investments
      • Best Online Stock Brokers
      • Best Crypto Exchanges
      • Best Short Term Investments
      • Best Long Term Investments
      • Best Trading Platforms
      • Best Investment Apps
    • Company Reviews
      • Lending Club
      • Robinhood
      • M1 Finance
      • Ally
      • TD Ameritrade
      • Fundrise
      • Betterment
      • Etrade
      • Wealthfront
    • Guides
      • Investing for Beginners
      • Investing Small Amounts of Money
      • Investing in Real Estate
      • No Money Down Real Estate
      • Bonds vs Stocks
      • Peer to Peer Lending
      • Best Hedges Against Inflation
      • Safe Bitcoin Investing in 2023
    • Explore More
      • Bitcoin vs. Real Estate
      • Betterment vs Wealthfront
      • Investing for College Students
      • Stock Market Alternatives
    • By Investment Amount
      • How to Invest $100
      • How to Invest $1K
      • How to Invest $2k-$3k
      • How to Invest $5K
      • How to Invest $10K
      • How to Invest $15k
      • How to Invest $20K
      • How to Invest $30k
      • How to Invest $50K
      • How to Invest $100K
      • How to Invest $200K
      • How to Invest $500K
      • How to Invest $1M
  • Taxes
    • Best Of
      • Best Tax Relief Companies
      • Best Tax Software
    • Guides
      • Federal Income Tax Guide 2023
      • Taxes and Cryptocurrency
      • How to Do Your Own Taxes
      • How to Invest Your Tax Refund
      • Hiring a Professional Tax Preparer
      • Tax Tips for Freelancers
    • Company Reviews
      • TurboTax Review
      • H&R Block Review
      • Taxslayer
      • Tax Act
  • Insurance
    • Best Of
      • Best Life Insurance
      • Best Home Insurance
      • Best Auto Insurance
      • Cheap Term Life Insurance
      • Car Insurance For Young Adults
    • Guides
      • Term vs Whole Life
      • Different Types of Car Insurance
      • Average Cost of Car Insurance
    • Explore More
      • Life Insurance Over 50
      • Life Insurance Over 80
      • $1 Million Life Insurance
      • $2 Million Life Insurance
      • $3 Million Life Insurance
    • Company Reviews
      • Banner Life Insurance
      • Ladder Life Insurance
      • Health IQ
      • Haven Life
      • Policygenius
      • State Farm Auto Insurance Review
  • Retirement
    • Roth IRA
      • Best Places to Open a Roth IRA
      • Best Investments for Roth IRA
      • 7 Roth IRA Secrets
      • Roth IRA Conversion Guide
      • Roth IRA Rules
      • Roth IRA vs Roth 401k
      • Are Roth IRA Contributions Tax Deductible?
    • 401(k)
      • 401(k) Limits
      • 401(k) to Roth Rollover
      • Is 401(k) Enough for Retirement?
      • Maxed Out 401(k): What's next?
    • Traditional IRA
      • Traditional IRA Rules and Limits
      • Traditional IRA vs. 401(k)
      • Simple IRA Rules
      • SEP IRA Rules
      • How Much Do You Need to Start an IRA?
    • Explore More
      • SEP IRA vs. Roth IRA
      • 457 Plan for Successful Retirement
      • 401a Rollover Rules
      • How to Retire at 50
      • How to Retire at 55
  • Banking
    • Best Of
      • Best National Banks
      • Best High-Yield Savings Accounts
      • Best Checking Accounts
      • Best Savings Accounts
      • Best CD Rates
      • Best Money Market Accounts
    • Company Reviews
      • BBVA
      • Synchrony
      • Wells Fargo
    • Explore More
      • 9 Banking Alternatives for 2023
      • What is a Credit Union?
  • Home
    • Best Of
      • Best Mortgage Lenders
      • Best Mortgage Refinance Companies
      • Best Home Warranties
      • Best Homeowners Insurance
      • Best VA Loans
      • Best Mortgage Rates
      • Best Moving Companies
      • Best Home Security
    • Guides
      • Home Buying Checklist
      • Online Home Appraisal
      • How Much House Can I Afford?
      • First-time Homebuyer Programs
      • How to Get Approved for a Home Loan
      • Save Money When Building a House
      • How to Save for a Downpayment
      • When to Refinance Your Mortgage
    • Explore More
      • 15 vs. 30-year Mortgage
      • Home Warranty vs. Home Insurance
      • Veterans United Home Loan Review
      • Quicken Loans Review
      • HELOC vs Second Mortgage
      • DCU Mortgage Review
      • Costco Mortgage Program Review
      • USAA Mortgage Loan Review
  • Credit
    • Best Of
      • Best Credit Repair Companies
      • Best ID Theft Protection Services
      • Best Credit Report Options
      • Best Bad Credit Loans
    • Guides
      • How to Build Your Credit Score
      • How to Raise Your Credit Score in 5 Months
      • How to Dispute Your Credit Report
      • Hot to Remove Collections from Your Credit Reports
      • How Identity Theft Destroys Your Credit Score
    • Explore More
      • What is a Good Credit Score?
      • What is a Bad Credit Score?
  • Debt
    • Best Of
      • Best Debt Consolidation Loans
      • Best Personal Loans
      • Best Student Loans
      • Best Student Loan Refinance
    • Guides
      • What is Debt Consolidation?
      • How to Get Out of Debt
      • How to Get a Personal Loan Approved
      • How to Pay Off Student Loans Faster
      • Should I Consolidate My Debts?
      • Should I File for Bankruptcy?
    • Company Reviews
      • Credible
      • Sofi

15 Year Term Life Insurance Policy

https://www.goodfinancialcents.com/wp-content/uploads/2019/07/MG_5503-150x150.jpg
  • Written By:
    Jeff Rose, CFP®

    Jeff Rose, CFP®

    Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance...

    Read More
  • Updated: September 2, 2021
  • 4 Min Read
  • Advertising Disclosure

    Advertising Disclosure

    GoodFinancialCents® has an advertising relationship with the companies included on this page. All of our content is based on objective analysis, and the opinions are our own. For more information, please check out our full disclaimer and complete list of partners.

Quality Verified THE GFC® PROMISE
shield check icon
Quality Verified

GoodFinancialCents® partners with outside experts to ensure we are providing accurate financial content.

These reviewers are industry leaders and professional writers who regularly contribute to reputable publications such as the Wall Street Journal and The New York Times.

Our expert reviewers review our articles and recommend changes to ensure we are upholding our high standards for accuracy and professionalism.

Our expert reviewers hold advanced degrees and certifications and have years of experience with personal finances, retirement planning and investments.

shield check icon
Why You Can Trust GoodFinancialCents®

GoodFinancialCents® partners with outside experts to ensure we are providing accurate financial content.

These reviewers are industry leaders and professional writers who regularly contribute to reputable publications such as the Wall Street Journal and The New York Times.

Our expert reviewers review our articles and recommend changes to ensure we are upholding our high standards for accuracy and professionalism.

Our expert reviewers hold advanced degrees and certifications and have years of experience with personal finances, retirement planning and investments.

Death does not only cause sorrow. Deaths usually come with high bills and financial troubles because of the combination of the lost paycheck and the extra expenses tagged on from the funeral and hospital. The average funeral can cost as much as $10,000 or more.

This type of situation can be avoided with life insurance, but dedicating your entire life to a specific plan is not necessary. You can find 15 year term life insurance that covers you and pays those close to you in case you die.

Choosing a 15 Year Term Policy

Throughout changes in jobs and situations, you are going to need to need different policies. You need to be able to cover everything, which means children, home, significant other, expenses, and all other things that may enter your life after a few years.

A policy that lasts your entire life might not be suitable, especially when you are still expecting these types of changes. Those are more for people who have more stability, people who expect to need that same amount throughout the years. A lot of people buy 30-year term policies, but so many things can change in those three decades.

Having your first child, having more children, getting married, kids graduating college, etc. all of these things are going to drastically impact your life insurance needs. So, why would you purchase a policy that lasts 30 years, or your whole life?  

Choosing a 15 year term life insurance policy is coverage that lasts for a certain amount of time in your life, allowing you to change it to whatever is suitable later.

20 Year Vs. 15 Year Term Life Policy

It is vital that you consider your specific needs for now and in the future. While one thing might be true at this moment, like several or a lack of children, things change.

You might have a child, causing you to require higher amounts, or a current one grows up and you no longer need the high amount you were paying for before. Maybe you plan to have enough money saved up that will make your life insurance policy an unnecessary expense.

There are plenty of reasons that a person may choose a shorter policy instead of a longer 30-year plan.  Look at a 20-year term vs 10-year term and figure out which is best for where you are and expect to be.

This can help you to avoid surprising while still have an amount of money saved away that does the job.

What Term Policy is Best For You?

There is no need to worry about a term policy not covering you. The only difference in coverage is how long it will last, after all.

Once you find yourself in a situation where the amount received does not match the amount needed, you can change it to ensure there are no holes or that you are not overpaying for something worth much more than you need.

Since finances do play a big role in living a stable, happy life, the right insurance policy from one of the top life insurance companies makes a dramatic difference. You can be sure that you have enough money now and well into the future, and that your family and loved ones will after your passing.

Being insured is a necessity, but you need to take into account your current and future situations. If you do not think about where you may be, you might end up in an undesirable situation that does not match your financial needs.

By looking at 20 year term vs 10 year term policies, you can figure out what is right for you and have the ability to change it in the future in case your life does change.

For example, let’s say that you go with a 10-year term policy. You’ll enjoy that affordable coverage for the next decade, but after that, you lose your insurance coverage and you’ll have to reapply for another policy.

Now that it’s been ten years since your last application, your rates are going to be higher than they were before. It could be a smarter decision to go with a longer policy, but maybe you only need 15 years of coverage.

Ads by Money. We may be compensated if you click this ad.AdAds by Money disclaimer
With a Life Insurance policy you can take care of your family the right way.
Should anything happen to you, you'll want to leave your loved ones a financial nest egg for their wellbeing. Click on your state to find out more.
HawaiiAlaskaFloridaSouth CarolinaGeorgiaAlabamaNorth CarolinaTennesseeRIRhode IslandCTConnecticutMAMassachusettsMaineNHNew HampshireVTVermontNew YorkNJNew JerseyDEDelawareMDMarylandWest VirginiaOhioMichiganArizonaNevadaUtahColoradoNew MexicoSouth DakotaIowaIndianaIllinoisMinnesotaWisconsinMissouriLouisianaVirginiaDCWashington DCIdahoCaliforniaNorth DakotaWashingtonOregonMontanaWyomingNebraskaKansasOklahomaPennsylvaniaKentuckyMississippiArkansasTexas
See An Estimate

The Importance of Life Insurance

Life insurance is one of the best purchases that you can make for you and your loved ones, regardless of the term that you choose. If something tragic were to happen to you tomorrow, would your family be able to pay off all of the debts that you would leave behind? Would they be able to replace the income that you used to provide?

If you’re like most people, you have a mortgage, car payment, credit card bills, and more. All of those unpaid expenses would be left to your loved ones. That’s not exactly the legacy that you wanted to leave behind.

Life insurance will not only give your family plenty of money if you were to pass away, but it will also give you peace of mind knowing they will be taken care of if tragedy were to strike tomorrow. Before you purchase a policy, sit down and calculate all of the debts that you would leave behind. Make sure that your life insurance plan is large enough to cover all of those expenses.

The other purpose of life insurance is to replace your income. If you have family members or loved ones that rely on your annual salary, then you need a policy that will give them the funds to find another income.

Because there are so many different factors that you have to consider, picking the perfect policy for you can be difficult. There are hundreds of companies that all have different types of policies, how are you supposed to decide the one that fits your needs? You could spend hours and hours calling insurance agents, researching companies, and comparing different plans, or you can let us do the work for you.

The best way to ensure that you’re getting the lowest rates available is to receive quotes from dozens of companies before you choose one. This comparison shopping will help you save money every month, but it can be time consuming.

It doesn’t have to be, we can help. Fill out the form on the side and all the lowest quotes from the highest rated companies will come to you. You won’t have to keep answering the same questions over and over.

We will provide the best quotes based on your situation and the type of policy that you want.

Aside from helping you find the best policy and the lowest rates, we can also answer any questions that you have about 15-year term life insurance policies, whole life insurance policies, no medical exam policies, or any other questions that you have about life insurance. Our agents are experts on the life insurance field and can help you make well-informed decisions to protect you and your family against whatever life is going to throw at you.

Facebook LinkedIn Twitter

About the Author

Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance book Soldier of Finance. He was a financial planner for 16+ years having founded, Alliance Wealth Management, a SEC Registered Investment Advisory firm, before selling it to focus on his passion - educating the masses on the importance of financial freedom through this blog, his podcast, and YouTube channel.


Jeff holds a Bachelors in Science in Finance and minor in Accounting from Southern Illinois University - Carbondale. In addition to his CFP® designation, he also earned the marks of AAMS® - Accredited Asset Management Specialist - and CRPC® - Chartered Retirement Planning Counselor.

While a practicing financial advisor, Jeff was named to Investopedia's distinguished list of Top 100 advisors (as high as #6) multiple times and CNBC's Digital Advisory Council.

Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur.

Facebook Twitter LinkedIn


You Might Also Enjoy

Best Homeowners Insurance Companies of 2023 - Updated for March

Best Homeowners Insurance Companies of 2023 - Updated for March

Life Insurance with Kidney Problems

Life Insurance with Kidney Problems

Best Extended Car Warranty for 2023

Best Extended Car Warranty for 2023

Ladder Life Insurance Review - Term Life Insurance with a Twist

Ladder Life Insurance Review - Term Life Insurance with a Twist

Sproutt Life Insurance Review: Is it Legit?

Sproutt Life Insurance Review: Is it Legit?

Best Car Insurance for Young Drivers in 2023

Best Car Insurance for Young Drivers in 2023

Leave a Reply

Cancel reply

  • Make Money
  • Manage Money
  • Invest
  • Taxes
  • Insurance
  • Retirement
  • Banking
  • Home
  • Credit
  • Debt
  • About
  • Contact
  • Facebook LinkedIn Twitter

© 2023 Good Financial Cents®. All Rights Reserved. | Privacy Policy | Disclaimer

All written content on this site is for information purposes only. Opinions expressed herein are solely those of AWM, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.

All third party trademarks, including logos and icons, referenced in this website, are the property of their respective owners. Unless otherwise indicated, the use of third party trademarks herein does not imply or indicate any relationship, sponsorship, or endorsement between Good Financial Cents® and the owners of those trademarks. Any reference in this website to third party trademarks is to identify the corresponding third party goods and/or services.