There are a number of life insurance policies out there but 10-pay whole life insurance plans may not be the first many people think of. Here are a few of the benefits these plans may offer.
Many people choose traditional plans because they include some additional options such as accidental death coverage. However, the same coverage many other plans offer can also be found in a 10-pay plan. These may also include options for receiving early payment in the event you fall terminally ill, or the ability to purchase extra coverage without having to prove insurability. Options may vary by plan so it’s a good idea to ask your insurance professional if you have questions about your policy.
Shorter Term Premium Payment
The one major difference between a 10-pay plan and traditional life insurance is that these plans are designed to be paid in full after 10 years. Your coverage will continue as outlined in your policy, while you should no longer have to worry about further payments.
With a 10-pay whole life insurance play you can get the same coverage many traditional options offer, without lengthy premium payment terms. A 10-pay is designed to be paid in full after 10 years while the coverage continues to last a lifetime.