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Find 15-year term life insurance policies with $500,000 in coverage for as low as $15 a month.
At SelectQuote, we take the time to learn more about your situation and coverage needs, helping you save time and money by finding the right policy for you.
15-Year Term Life Insurance
Having life insurance can help protect your loved ones from financial distress if you pass away unexpectedly. The right policy will provide a source of income replacement, help cover outstanding debts and overall offer peace of mind to those who matter most to you. One of the many options available when purchasing life insurance is term life insurance, a popular policy type due to its flexibility and affordability.
Term life insurance policies range in length, but the most common are 10-, 15-, 20-, 25-, and 30-year terms. A 15-year term life insurance policy can be a great fit for people who want something slightly longer than a 10-year policy but aren’t ready to commit to a 20+ year term length. Read on to learn more about the benefits of 15-year term life insurance to see if this policy type is right for your needs.
What is 15-year term life insurance?
Just as the name implies, a 15-year term life insurance policy offers a financial safety net for 15 years after your policy becomes active. Wondering whether a 15-year term is right for you? As you think about the cost of the plan’s premiums, also consider factors like your income, age, family size, and current and future financial goals. This will help you get started deciding on the appropriate term length for your situation.
For example, a 15-year term length might be a good fit for a couple in their 40s who are planning to pay off their home within a few years. They are looking forward to not having mortgage payments anymore and comfortably gearing up for retirement, but still give plenty of pause when asked, “What if an unexpected event led to a loss of income?”
With a 15-year term life insurance policy in place, the money could be there to pay off the mortgage and handle day-to-day expenses, keeping their financial future secure even if one of their incomes is lost due to unexpectedly passing away.
Of course, this is just one example of how term life insurance can bring you reassurance and protection. Everyone’s circumstances and concerns are different, which is why SelectQuote is here to help you figure out what term length is best for your situation and needs.
Who would benefit from a 15-year term life insurance policy?
For some people, a 15-year term life insurance policy is the best fit, especially for those with slightly older children or who need additional financial security for the future. A family with very young children, however, may benefit more from a 20- or 30-year term. Everyone has different needs when it comes to buying life insurance, and the different term lengths available are just one of the benefits of term life insurance.
In general, life insurance policies should last the length of your longest financial obligation. Many people who buy 15-year term life insurance policies are in their 40s and 50s, with financial obligations often including:
Getting kids through college
Supporting children financially through college is a major achievement, but what about the expenses that remain even after they graduate? According to the Education Data Initiative, the average federal student loan debt is $37,338 per borrower. If you took on debt to put your children through school, a 15-year term life insurance policy can help ensure those loans can still be paid down if the primary earner in your family were to pass away.
Paying off a mortgage
It’s a moment every homeowner dreams of: finally paying off the mortgage. Paying off your mortgage offers you more financial security, as the amount you were contributing to your mortgage payment each month can now be used for anything from everyday expenses to retirement savings. If you know paying off your home loan is on the horizon, a 15-year life insurance can offer some extra peace of mind knowing your family will be able to complete that milestone if something were to happen to you.
Focusing on reaching retirement age and lifestyle
As you approach retirement age, you want to make sure you’re prepared financially so you can relax and enjoy the next stage of life without worrying about making ends meet. Therefore, it’s important to make sure you have enough retirement savings to support you when you stop working. If you and your spouse know retirement is on the horizon within the next 15 years, having a 15-year term life insurance policy can offer peace of mind that you can continue planning and saving if the worst were to happen to either of you.
If any of these are plans you have within the next 15 years, a 15-year term life insurance policy could be right for you.
What happens after the 15 years of your term are up?
Once you reach the end of your 15-year term, you’ll have a few options. One is to simply let the policy expire if you and your loved ones no longer need the coverage. However, if you still want the financial protection of life insurance, you can choose to purchase another 15-year term life insurance policy or any other term length that meets your needs. You may also be able to convert your term policy into a permanent policy, but this option will vary by plan and carrier, so be sure to discuss this with your insurance agent if interested.
15-Year Term Life Insurance Cost
Term life insurance rates depend on individual factors that make up your “risk profile” from the perspective of life insurance companies. It’s common to assume that life insurance is expensive, but it can be surprisingly easy to find affordable term life insurance. A healthy 35-year old female could potentially secure $500,000 in coverage for 47 cents a day.
Just like regular health insurance, life insurance companies base their rates on a candidate’s life expectancy, including factors such as:
- Gender
- Age
- General health
- Certain habits, such as smoking and drinking
15-Year Term Life
| Age / Sex | $250,000 Coverage Amount | $500,000 Coverage Amount | $1M Coverage Amount |
|---|---|---|---|
| 25-Year Old Female | $8.89 | $11.88 | $17.48 |
| 25-Year Old Male | $10.02 | $13.93 | $21.12 |
| 35-Year Old Female | $10.17 | $13.88 | $20.19 |
| 35-Year Old Male | $10.66 | $15.27 | $24.38 |
| 45-Year Old Female | $17.09 | $27.76 | $48.41 |
| 45-Year Old Male | $20.87 | $35.14 | $63.27 |
| 55-Year Old Female | $32.67 | $58.98 | $108.94 |
| 55-Year Old Male | $45.65 | $84.41 | $160.75 |
Table rates are based on a 15-year term policy for men and women in excellent health from one or more of the trusted companies we represent. Rates were pulled 1/2025. Your price could vary depending on your health, issuing company, and other factors. Not available in all states.
The cost of premiums can also depend on your geographic location and many life insurance calculators will ask about additional factors like your hobbies, your family’s health history, and even your driving history. Additionally, the type of policy, policy length, and the benefit amount you choose will have an impact on the cost of your life insurance policy. For example, a 20- or 25-year term life insurance policy will likely cost more than a 15-year term life insurance policy of the same benefit amount.
All of the above factors will help determine the cost of your life insurance policy, so you’ll want to keep this information in mind while shopping around.
How to Buy a 15-Year Term Life Insurance Policy
Once you’ve decided a 15-year term life insurance policy is the right coverage length for you, you’re ready to buy. At SelectQuote, we not only make the shopping process easy, but the application and purchasing part, too. Buying a 15-year term life insurance policy through SelectQuote looks like:
1. Get a free term life insurance quote from an experienced licensed insurance agent at SelectQuote, who can find policies to consider that match your unique needs and budget.
2. Choose the amount of term life insurance coverage that’s right for you
3. Apply and buy a 15-year term life insurance policy with one of the trusted insurance carriers we work with
SelectQuote Can Shop 15-year Term Life Insurance Policies for You
Term life insurance offers an affordable and flexible way to give your loved ones a financial safety net. If you think a 15-year term life insurance policy is right for you, we’re here to help. With over 35 years of experience helping people find the right life insurance coverage, we have the knowledge needed to guide you through the process and answer any questions you have. And, we’ll save you time and money along the way by quickly searching and comparing plans from trusted carriers, finding a policy that meets your needs and budget.
Compare Life Insurance Rates Now
Still unsure if a 15-year term life insurance policy is right for you? Check out our other life insurance options.
There’s a lot to consider when shopping for term life insurance, and there are a variety of options to sort through. We can help, whether you’re interested in a 15-year term life insurance policy or need a longer term length. In just minutes, we can help you find the right amount of life insurance coverage to protect you and your family.
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