A 10-year term life insurance policy helps provide financial protection for your beneficiaries for a fixed period of a decade. If the insured person dies within this 10-year time period, then the beneficiaries will receive a tax-free lump sum payment called the death benefit.
Here's an overview of how these policies typically work:
Active for exactly 10 years from the policy’s start date.
Your premiums (monthly or annual fees) remain the same for the 10-year term.*
The payout amount is set at the beginning and doesn't change.*
* The premiums and death benefit remain the same for the 25-year period provided your premiums are paid on time.
Generally less expensive than permanent life insurance.
Easy to understand life insurance product.
Ideal for specific financial obligations like the remainder of mortgage or any debts.
This type of policy is ideal for:
When you purchase a 10-year term policy, you'll go through the following process:
You can apply online for a term plan up to a $1 million of coverage.
You get instant temporary insurance up to 90 days while we review your application.
At the end of 10 years, the policy terminates unless you choose to:
A 10-year term life insurance policy offers a decade of financial protection for your beneficiaries at an affordable cost. It's a simple, straightforward option for those needing coverage for a specific timeframe. However, it's important to reassess your insurance needs as you approach the end of the term to ensure continued protection for your beneficiaries.
If you’re not sure what type of insurance is right for you, connect with an advisor for help. An advisor can walk you through all your options and help you figure out which insurance products suit your specific needs and goals.
You can get started in the way that works best for you:
Get coverage up to $1,000,000.*
Answer a few quick questions, get a quote and apply online for Sun Life GO.
Get advice on demand.
Talk to a licensed Prospr by Sun Life advisor to help you choose a life insurance plan that meets your current needs.
Find an advisor near you.
Get personalized, long-term guidance from a Sun Life advisor who knows your goals and can adapt your coverage as life changes.
* Coverage is subject to application approval
This information is meant for educational and illustrative purposes only. Some conditions, exclusions and restrictions apply.
Reviewed by Catherine Malone
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