What is 15 year Term Life Insurance?

A fifteen year term life policy is temporary life insurance coverage for a period of 15 years.

With level term 15 year coverage you pay the same price each month (or annually) for your life insurance and the amount of protection you have stays level the the fifteen year period.

If you die during the 15 years of your coverage, your beneficiary receives the death benefit, usually free from income tax.

If you outlive the 15 year term your life insurance expires. However, you may be able to renew your term life insurance for another term, usually of 10 or 15 years, with a new premium based on your age at the time you renew your policy.

Many people choose to buy 15 year term life coverage to meet their short term needs for protection which will last for a period of 15 years or less.

Some examples may be to provide coverage until your young children are grown or out of college, to protect your home mortgage or to replace your income for your spouse should you die.

Here's how you can compare 15 year term life insurance quotes