Top pick: Bestow
- Up to $1.5 million coverage
- Apply online in 10 min
- No medical exam
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Short-term life insurance is ideal for covering short-term needs, like a hazardous job contract. It’s also a good way to bridge any gaps in your coverage. But if you have financial dependents or obligations lasting several years, it may not be enough.
A short-term life insurance policy pays out a lump sum benefit if you die during the specified term. Unlike a traditional term life insurance policy — which generally lasts five, 10 or 15 years — a short-term policy is only active for a short amount of time.
Depending on your insurer, you could get a policy that covers you anywhere from a few months to five years.
A short-term policy can be purchased by itself as a sole source of coverage, or it can be used to supplement an existing policy if you need to boost your coverage for a short period of time.
Short-term coverage might make sense in these situations:
Rates can vary significantly depending on on your insurer and personal history. Your premiums will be based on your:
A handful of insurers offer short-term life insurance, including AIG, Legal & General and Prudential. It’s often marketed as annual renewable term (ART) life insurance, which is a one-year policy that your insurer guarantees to renew for a set number of years known as the “insurability period.”
The process of buying short-term life insurance is the same as any other policy type:
A short-term life insurance policy can be a useful way to get temporary coverage or increase your coverage while you’re facing an additional risk. But for long-term peace of mind, compare life insurance policies with longer term lengths to find one that fits your needs.
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