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How Long Should My Term Be?
Determining how long your term life policy should be is easy. All you have to do is think about why you are buying term life insurance. See if you fit any of the following scenarios:
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I Just Bought a House
If you have recently bought a home, you probably have a brand new mortgage to pay off as well. To avoid putting your family in a tough financial situation should you pass on unexpectedly, you may want to consider getting Mortgage Protection term life insurance. Instead of paying a benefit to your beneficiary, the benefit will pay the remainder of your mortgage payments. Luckily, it is incredibly easy to decide what sort of term you should get: a Mortgage Protection Term Life Policy. Just select a plan that lasts as long as your mortgage. Have a thirty year mortgage? Try a thirty year policy.
My Kids Need Me
There are a few scenarios that could fit under this category:
- Say you have toddlers running around. If your kids are about three years old, consider a fifteen or twenty year term life policy. If you choose a fifteen year term, then your children will be eighteen, and financially independent by the time your policy expires. If you choose a twenty year term, your children will be twenty-three, and will probably be graduating from college.
- Or maybe you're about to send your one and only child off to college, and you're footing the bill. Consider getting a five year term life policy. It will be there to cover all your child's college expenses in case something happens to you.
What it comes down to is this: The length of your policy has a direct relation to your needs for getting the policy in the first place.
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Term Life Insure provides information at no cost concerning insurance products and services but is not an insurer or an agency. Please speak to your insurance agent for more information. Not all products are available in all states.
