15-Year Term Life Insurance: The Middle-Ground Term
15-year term life insurance locks in a fixed premium and death benefit for 15 years. It sits between the two most common terms: longer than a 10-year policy, and less expensive than a 20-year policy. That makes it a smart fit when your biggest obligations will end in about a decade and a half.
Here’s what a 15-year term costs, who it’s best for, and how it compares with other term lengths.
Key takeaways
- 15-year term life insurance keeps your premium and coverage level for 15 years.
- It costs a little more than a 10-year term and noticeably less than a 20-year term.
- It’s a strong fit for parents of preteens and homeowners with about 15 years left on a mortgage.
- Many carriers offer 15-year terms to healthy applicants up to about age 75.
15-year term life insurance rates by age
| Age | Men | Women |
|---|---|---|
| 25 | $15–$23 | $12–$19 |
| 30 | $16–$25 | $13–$21 |
| 35 | $18–$28 | $15–$23 |
| 40 | $25–$38 | $21–$32 |
| 45 | $38–$57 | $31–$47 |
| 50 | $59–$88 | $48–$72 |
| 55 | $97–$144 | $80–$118 |
| 60 | $160–$236 | $131–$194 |
| 65 | $285–$421 | $234–$345 |
| 70 | $522–$769 | $428–$631 |
Compare term lengths for your own age and coverage amount with the term life insurance calculator.
Who is 15-year term life insurance best for?
- Parents of children ages 6 to 12 who want coverage until their kids finish college.
- Homeowners with about 15 years left on a mortgage, including people who refinanced into a 15-year loan.
- Adults in their late 40s and 50s who plan to retire in about 15 years.
- Business owners covering a long-term loan or buy-sell agreement.
- People adding a layer of coverage on top of an existing policy during their highest-expense years.
15-year vs. 10-year vs. 20-year term
| Age 45, $500,000 | Men | Women |
|---|---|---|
| 10-year term | $33–$50 | $27–$41 |
| 15-year term | $38–$57 | $31–$47 |
| 20-year term | $46–$69 | $38–$57 |
For a 45-year-old man, five extra years of coverage over a 10-year term costs about $5 to $7 more a month in our model. If your need truly ends in about 15 years, a 15-year term avoids paying for five years you won’t use with a 20-year term. If you’re unsure, remember you can cancel a longer term at any time. Compare 10-year and 20-year term options.
Benefits of a 15-year term policy
- A tailored fit. It matches needs that are too long for 10 years but shorter than 20.
- Fixed for 15 years. Your price can’t rise, even if your health changes.
- Available at older ages. Many carriers offer it into your 70s, after 20- and 30-year terms are no longer available.
- Tax-free benefit. Beneficiaries generally receive the death benefit free of federal income tax, according to the IRS.
How much 15-year coverage do you need?
Add up the income your family would need over the next 15 years, the remaining mortgage, other debts, college costs, and final expenses. Then subtract savings and existing coverage. The life insurance calculator does the math in about two minutes.
What happens after 15 years?
When the term ends, coverage stops unless you renew or convert. Renewal is usually available year to year without an exam, but at much higher premiums. Many policies let you convert to permanent coverage before a set age. The NAIC recommends checking renewal and conversion terms before you buy. Learn more about outliving your term policy.
15-year term life insurance FAQs
How much is a 15-year term life insurance policy?
In our model, a healthy 40-year-old man might pay about $25 to $38 a month for $500,000 of 15-year coverage, and a woman the same age about $21 to $32.
Is 15-year term life insurance a good idea?
It is if your financial obligations will end in about 15 years, such as a mortgage or children who will be independent by then. It costs less than a 20-year term and covers longer than a 10-year term.
What is the oldest age for a 15-year term policy?
Many carriers offer 15-year terms to healthy applicants up to about age 75.
Can I cancel a 15-year term policy early?
Yes. You can stop paying at any time and the coverage ends. Term policies have no cash value, so there’s no refund.