If you’re in the market for life insurance you may be looking at some 10 pay life insurance policies. If you’re wondering what makes these different from traditional policies, you may want to keep reading for some more information.
In most cases 10 pay plans contain the same life insurance coverage as what you would expect to find with a traditional plan. These plans may also include some of the additional options found with many life insurance policies. These can include accidental death coverage, or options to borrow against your plan or receive early payments in the case of a terminal illness.
The biggest difference is the fact that with a 10-pay plan your premium payment plan is designed to occur over ten years instead of a lifetime. This means that after ten years your insurance policy should be paid for in full, allowing you to know your coverage is there for your family if something should happen, while not having to worry about further payments.
As you can see many 10 pay life insurance policies have the same coverage as the traditional policies most people are used to. The difference lies in the fact that the premiums are designed to be paid over 10 years instead of a lifetime. If you think this policy type may be a good fit for you, your insurance provider can help.