How Long Term Life Insurance Policies Last?
Term life insurance by definition is "temporary" insurance for a certain number of years.
The term of the policy is the duration, how long your coverage will last.
You select a term when comparing price quotes so you can find out how much your term insurance will cost for the specific duration of your policy.
Term Options for Life Insurance
Terms Duration Options: 10, 15, 20, 25 or 30 years.
Most term life plans offer coverage for a period from ten up to thirty years.
However, you may be able to select a duration of coverage for 10, 15, 20, 25 or 30 years.
Term to Age 70
In addition, some term policies provide term to 70 coverage which means you have life insurance that will last until you reach age seventy; however, the premiums remain level for the first 20 years you are insured, usually. Then, the premiums increase each year after the initial twenty-year period.
Renewable Term Life Insurance
Also, renewable term life insurance policies allow you the option of renewing coverage for an additional term (usually up to 10 years), when your initial policy term expires. So, if you decide after purchasing your first term insurance plan that your need for coverage is longer than the original term duration, you may choose to renew your first term life policy when it ends.
Convertible Term Life Insurance
And, if you decide you need lifetime life insurance protection after purchasing your term insurance, you may be able to convert your term policy into a permanent life insurance policy if you have convertible coverage. However, you may need to notify your insurance company of your conversion request by a specific date stated within your term life insurance policy contract.
How Long Should Term Life Insurance Be?
Term insurance can last as long you need protection, usually up to a period of thirty years. You’ll want to select a term period that is in line with your actual need for protection.
So, consider what goal you want your term policy to accomplish, providing protection for your mortgage, child’s education, family’s living expenses, etc.
Then consider the length of time you need life insurance to accomplish each of your goals.
What is the longest period of time insurance is needed?
Once you know this answer you can select coverage for that "term" (length of time).
Or, you could have separate term life insurance policies with the specific amount of coverage needed and duration of coverage for each of your family’s needs. That way, you get the overall lowest cost of coverage that is designed for your specific needs.
Example of Staggered Term Insurance Policies
Purchasing several different term life policies can allow you to design an insurance plan to fit your needs and save you money.
For instance, you could have a 15 year $250,000 term life policy to protect your 15-year mortgage loan.
And, a 20 year $100,000 term life policy to provide for your 3-year-old child’s college education.
And, a $300,000 25-year term life policy to provide for your spouse’s retirement and your family’s living expenses.
Why Choose Term Insurance?
The point of buying term life insurance coverage is to make sure you have the protection you need, while you need it, at the most affordable price.
Term insurance easy-to-understand, flexible, and offers the lowest cost life insurance available.
Whether you are on a fixed budget, have a growing family, or increasing financial responsibilities, term insurance can help you provide financial security for the future of your loved ones.
Term Life Insurance Quotes
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