10 Year Term Life Insurance is life insurance with premiums that are level for 10 years. At the end of the 10 years the insurance policy typically renews automatically at higher premiums (higher cost), again level for another 10 years. This process can continue until the expiration date of the policy.
Most 10 year term life insurance policies are also convertible which means that the policy owner is allowed to convert the policy to a permanent life insurance policy without having to complete a medical exam or health questionnaire.
10 year term life insurance is most commonly used by family members in their 20’s, 30’s, 40’s and 50’s looking for insurance protection for about 10 years to cover such things as the last years of a mortgage, other short term debt (student loans, credit card debt, line of credit, etc.) or until the children are self-sufficient financially.