5 Year Term Life Insurance
Short term obligations and debts can be covered by a five year term life insurance policy. But, A 5 year term is not the best short term life insurance policy. It can be difficult to find affordable 5 year term life insurance rates due to only a few companies offering this type of policy. Additionally, finding a company that will offer the death benefit you may need can be tough. For example, State Farm will offer a 5 year term plan, but the downside is a $99,000 maximum death benefit. When you work with us, you will have no such limitations.
We help you find the best term life insurance by shopping the top life insurance companies in the US. You can also call us and have an agent do the shopping for you with a 5-minute phone call. To get the best price on a five year term policy, you will need an agent with experience, which we definitely have.
There may be better options than a five year term.
Annual Renewable Term
If you’re looking for a five year term policy, it probably means you need a short term life insurance policy. Depending on the length of time that you will need coverage, an annual renewable policy can sometimes be cheaper than a five year plan. One of our agents can quickly run quotes and compare the rates to see what the best option may be. An annual renewable term life insurance policy is only recommended if you need the policy to secure a short term obligation, like a 2 or 3 year loan.
A Better Option
Typically, you can find a better price on a 10-year term than you can for a 5 year term policy. You may be wondering how that’s possible; it’s simple math, we have around 40 life insurance companies who will offer a 10 year policy versus only a few life insurance companies who will offer 5 year term policy. Most companies just don’t have an appetite for the 5 year term policy as the expenses to write the policy outweigh the return on investment for the life insurance company. A 10 year is the best short term life insurance policy.