15-Year Term Life Insurance
A 15-year term life policy can be a good middle ground for people who want longer coverage than a relatively short 10-year term, but don’t need a full 30 years. It’s often chosen by parents, homeowners, or anyone with short-to-midrange financial goals who want predictable protection for a set period of time.
Quick links
- What Is a 15-Year Term Life Insurance Policy?
- How Does a 15-Year Term Life Insurance Policy Work?
- Who Is a Good Fit for a 15-Year Term Life Insurance Policy?
- How Much Does 15-Year Term Life Insurance Cost?
- Common Features, Riders & Policy Options in 15-Year Term Life Insurance
- Pros and Cons of 15-Year Term Life Insurance
- Comparing 15-Year Term to Other Term Lengths
- Is 15-year Term Life Insurance the Right Choice?
- FAQs on 15 Year Term Life Insurance
Key Takeaways
A 15-year term life insurance policy lasts for 15 years with fixed premiums for the entire term length.
If you pass away during the term, the death benefit is paid to beneficiaries.
15-year term policies end after the term expires, unless renewed or converted to permanent coverage
Can be a good fit for people with kids at home, a mortgage, or debts that will be paid off within that timeframe.
What Is a 15-Year Term Life Insurance Policy?
A 15-year term life insurance policy provides coverage for 15 years. During that time, your premiums stay the same, and your beneficiaries would receive the full death benefit if you pass away while the policy is active. Once the term ends, the coverage expires unless you decide to renew, extend, or convert it into a permanent life policy (as long as that option is offered under your policy).
Other term life insurance options are available, typically ranging from 10 to 30 years, with some insurance companies offering 35- and 40-year options. Shorter terms usually cost less but end sooner, while longer terms offer extended protection at a higher premium.
A 15-year term strikes a middle ground. It offers enough time to cover major financial responsibilities, like paying down a mortgage or supporting kids through school, without locking you into the higher premiums that come with longer terms.
How Does a 15-Year Term Life Insurance Policy Work?
A 15-year term life insurance policy offers straightforward protection. You choose the coverage amount and pay level premiums for 15 years. If you pass away during that time, your beneficiaries receive a death benefit payout. If you outlive the term, the policy ends.
Many insurance companies offer renewal options at higher rates or allow you to convert your term coverage into permanent life insurance before it expires. This flexibility can help if your needs change, like if you buy a new house (with a new mortgage), or if you’re planning for long-term financial security.
What Happens If You Die During the 15-Year Term?
If you pass away while a 15-year term life insurance policy is active, the insurance company pays the death benefit to your named beneficiaries. This payout is typically made as a lump sum and can be used to replace lost income, pay off a mortgage, cover everyday expenses, or handle final expenses.
The life insurance claims process is generally straightforward. Beneficiaries submit a claim form along with a death certificate, and any other paperwork the insurance company requires. Once approved, funds are usually paid quickly.
What Happens If You Outlive a 15-Year Term Policy?
When a 15-year level term life insurance policy ends, your coverage expires, and premium payments stop. You’ll typically have three choices:
- Renew: Extend your coverage, though premiums will increase since you’re older. Many life insurance companies offer annual renewable term (ART) options, which renew yearly at gradually higher rates instead of locking into another long term.
- Convert: Switch to a permanent life insurance policy without new medical underwriting.
- Let It End: Allow the policy to lapse if you no longer need coverage.
Some people choose to reapply for a new term policy if they still need protection, but your life insurance rate will depend on your age and health at that time.
Read: How Many Life Insurance Policies Can I Have
Who Is a Good Fit for a 15-Year Term Life Insurance Policy?
A 15-year term life insurance product is often a practical choice for people who want reliable coverage through a key financial stage without paying for years of protection they may not need. It’s well-suited for:
- Parents who want coverage until their kids are grown and financially independent
- Homeowners nearing the midpoint of a mortgage
- People planning to retire or downsize within the next 10 to 15 years.
- Anyone with debts or financial goals that will be paid off during that window
15-year options strike a balance between affordability and security, offering peace of mind through some of life’s most expensive years.
How Much Does 15-Year Term Life Insurance Cost?
The cost of a 15-year term life insurance policy can vary widely. Rates are based on individual risk factors and policy specifics, so keep that in mind when you get a quote. Here’s an idea of what you might pay for 15-year term policy by coverage amount:
Average Monthly Cost of a $250,000 15-Year Term Policy
| Age | Average Monthly Cost ¹ |
|---|---|
25 | $13 - $16 |
35 | $15 - $19 |
45 | $20 - $29 |
55 | $30 - $49 |
Average Monthly Cost of a $1,000,000 15-Year Term Policy
| Age | Average Monthly Cost ² |
|---|---|
25 | $31 - $36 |
35 | $38 - $41 |
45 | $80 - $91 |
55 | $182 - $243 |
What Affects 15-Year Term Life Insurance Rates?
Term life insurance rates depend on several factors. Insurers use these details to assess risk and set your premium.
Key factors include:
- Age: The younger you are when you apply, the lower your rate will likely be.
- Health: Medical history, current conditions, and family health patterns all affect cost.
- Coverage amount: Higher death benefits come with higher premiums.
- Gender and lifestyle: Smokers and people with risky jobs or hobbies often pay more. Rates for men are also typically higher than rates for women due to a shorter life expectancy.
- Policy features: Adding riders or choosing a renewable or convertible policy can increase your rate.
Read: How Much Life Insurance Should I Have
Common Features, Riders & Policy Options in 15-Year Term Life Insurance
Most 15-year policies include a few standard features, along with optional riders that can personalize your coverage. Understanding which elements are built in and which require additional premium can help you compare life insurance policies more effectively.
Common Policy Features (often included)
- Conversion option: Lets you convert your term policy into a permanent policy (such as whole life insurance or universal life) without another medical exam. Conversion options vary by insurer and are usually available only for a limited period.
- Renewability feature: Offers the chance to renew your policy for additional years, usually at higher rates based on your new age.
Optional Riders (usually cost extra)
- Accelerated death benefit rider: Allows access to part of the death benefit early if you’re diagnosed with a qualifying illness or condition. Accelerating any part of your death benefit reduces the payout that would go to your beneficiaries.
- Waiver of premium rider: Pauses your premium payments if you become disabled and can’t work.
- Child term rider: Provides a small amount of term life insurance coverage for eligible children under your policy. Coverage typically lasts until the child reaches a certain age, and many riders allow the child to convert the coverage to their own permanent policy later, without a medical exam.
These features can be worth considering if you want a safety net for unexpected life changes or evolving financial needs. Each of these riders will likely add to your premium, but the added protection they provide is appealing to many people.
Expert Tip
How can you make sure a 15-year term life insurance policy still protects your family if your kids aren’t financially independent when it ends?
A 15-year term policy works best when it’s aligned with specific milestones, like children finishing college or major debts being paid off. If there’s a chance your kids may still rely on your income after the term ends, look for a policy with a conversion option or consider layering coverage, such as pairing a 15-year term with a longer-term policy. That way, you keep protection in place even if timelines shift.
Senior Director Life Underwriting
Pros and Cons of 15-Year Term Life Insurance
A 15-year term life insurance policy strikes a middle ground between shorter and longer coverage options. Understanding the pros and cons can help you decide if it fits your financial plans and protection goals.
Advantages
- Predictable protection: Premiums stay level for 15 years, making budgeting easier.
- Balanced coverage: Long enough to cover key milestones like paying off a mortgage or paying for college tuition, but not as costly as 20 or 30-year terms.
- Affordability: Usually cheaper than longer-term policies with the same coverage amount.
- Conversion flexibility: Many policies allow conversion to permanent coverage before the term ends.
- Simplicity: Easy to understand and manage.
Limitations
- Temporary coverage: The policy expires after 15 years, leaving you uninsured unless you renew coverage or buy a new policy.
- Higher renewal rates: Premiums rise if you renew after the term ends.
- Limited long-term protection: May not align with lifelong needs such as estate planning or final expenses.
- No cash value: Like other term products, it offers pure protection only. Permanent policies build cash value, term life insurance doesn’t.
Read: Life Insurance Retirement Plan (LIRP)
Comparing 15-Year Term to Other Term Lengths
Choosing the right term length depends on how long you’ll need coverage and how much you want to spend. Here’s how a 15-year term stacks up against the shortest and longest widely available options:
15-year Term vs 10-year Term Life Policy
A 10-year term policy is the most affordable short-term option, ideal for people nearing retirement or paying off a small remaining mortgage. However, it may expire too soon if your family’s financial needs last longer.
A 15-year term life insurance policy costs a bit more each month but provides extra years of protection, and can often be enough to bridge the gap between major life milestones without overpaying for extra coverage that you may not need.
15-year Term vs 30-year Term Life Policy
A 30-year term policy locks in long-term protection and rates for the full period, which can be useful for young families or homeowners with lengthy mortgages. The tradeoff is cost, as premiums are higher than shorter term durations.
A 15-year term life insurance policy offers a more budget-friendly alternative for those who expect their biggest financial obligations to taper off sooner. It delivers meaningful protection now without committing to long-term expense.
Other Term Lengths:
Is 15-year Term Life Insurance the Right Choice?
A 15-year term life insurance policy can be a smart middle ground for many families. It lasts long enough to protect major financial goals, like paying off a mortgage or helping kids through college, but it doesn’t lock you into the higher costs of a longer term.
If you’re exploring coverage options, Ethos makes it easy to compare term lengths, get a personalized quote, and apply online in minutes. You’ll see clear pricing from top-rated life insurance companies, with no medical exam for many applicants – you’ll only need to answer a few health questions when you apply.
FAQs on 15 Year Term Life Insurance
It’s a life insurance policy that lasts for 15 years. If you pass away during that time, your beneficiaries receive the death benefit. When the term ends, coverage expires unless you renew, convert, or apply for a new policy.
You have a few options. You can renew at higher rates to keep your policy active; or you could convert your term policy to another type of life insurance such as a whole life policy or universal life policy, if your policy offers that option. Or, simply let the policy expire if you no longer need protection.
Yes, a 15-year term is more affordable than a 20- or 30-year term policy. Because the insurer is covering you for a shorter period, premiums are usually much lower for 15-year term life insurance compared to long-term plans.
A 15-year term life insurance policy can be worth it if your financial obligations have a clear end date within that timeframe. It offers a balance between affordability and meaningful protection, especially for people who want coverage long enough to get through major responsibilities. Its value really depends on how well the term length matches your timeline.
A 15-year term policy can be a good fit for people who want coverage during a defined life stage. This often includes families with school-age children, homeowners with a 15-year mortgage, or individuals approaching peak earning years who want protection until retirement savings are more established.
It can also appeal to buyers who want longer coverage than a 10-year term, but don’t need coverage for 20 or 30 years.
In most cases, yes. Many policies include a conversion feature that allows you to switch to a permanent policy (like whole life or universal life) before the term ends, with no additional medical exam required. You’ll need to take action before your policy ends though, to make sure you don’t lose protection.
It depends on the policy and insurance company. Some offer simplified or no-medical-exam options, while others may require a brief exam to confirm your health and qualify for the best rates. Ethos offers no-exam options for many applicants. Instead, you’ll answer health questions during the application process.
Most insurance companies offer many riders that may add to your protection. Common options include an accelerated death benefit rider, which lets you access part of the benefit early if you have a qualifying illness or condition. Child term riders are also common, which can cover the lives of your children. Many people also add a waiver of premium rider that can cover payments if you become disabled.
Your premiums and coverage typically stay the same for the 15-year term. However, if your policy includes conversion or renewal options, you may be able to extend or modify coverage without requalifying medically. Check your policy for details.
A 15-year term can be ideal if your biggest financial responsibilities, like raising kids or paying down a mortgage, will end within that time frame. It’s also a good fit for people who want lower premiums and don’t need lifelong coverage. If you're not sure what term period is best for you, consult with a financial professional or a licensed insurance agent.
Author
Chief Underwriter
Expert review
Chief Compliance & Privacy Officer
Jan 09, 2026
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