Affordable Life Insurance Protection for Your Family
Are You Shopping for a 35 Year Term Life Insurance Policy?
If so, you'll want to learn how term life insurance policies work that provide coverage for a period of thirty-five years, and where you can get insured.
Facts About 35 Year Term Policies
How Does 35 Year Term Insurance Work?
Term life is a type of insurance policy that provides life insurance coverage lasting for a temporary period of time, usually up to 30 years.
However, a few leading carriers offer 35 year term policies.
Thirty-five year term insurance is life insurance with level term protection. This means your premiums remain the same each year for the entire 35 years of your coverage, while the amount of life insurance never decreases.
In order to qualify for a 35-year term plan you will likely need to be in average or better health, and be age 50 or younger.
Term life is a policy that pays out benefits to designated beneficiaries when the person insured by the policy dies. These are different from permanent life insurance policies in that the terms of the coverage only last a specified period of time. That means, the insured may outlive the duration of coverage, with no payout of any benefits on a term insurance policy.
For example, if the insured dies within the term, the company pays out the death benefit from the policy. But if the insured is alive when the policy term expires, there is no payout of any benefits.
According to the Centers for Disease Control, the average life expectancy in the U.S. is around 77 years, with many people working and paying mortgages into their senior years.
A shorter-term life insurance policy may not offer the financial security you are looking for to provide for your family’s expenses should you pass away later on in life. Whereas, longer term policy providing 35 years of protection may be a good option for you to consider.
How Much Does It Cost?
The price, or premium you pay for 35 years of term life protection will depend on the insurance company, and your gender; as well as, the amount of life insurance you need.
The premium you are charged will be based on your Rate multiplied by the amount of life insurance you need.
Your rate per $1,000 of term life coverage will be based on your age, gender and several risk factors:
Common Risk Factors:
Each of these factors are reviewed because they may contribute to your longevity – how long you are expected to live.
Basically, the younger and healthier you are when you purchase a life insurance policy, the lower your cost, because you are expected to live quite a while. Request a free life insurance quote.
Which Insurance Companies Offer 35 Year Coverage?
Many life insurance carriers offer term life policies with "Term" options of 10, 15, 20 or 30 years.
However, there are only a limited number of insurers that offer coverage for term insurance beyond thirty years of protection.
35 Year Term Life Carriers:
Who Qualifies for 35-year Term Life Insurance Policy?
Most insurers offering 35 year policies won’t provide these policies to anyone over the age of fifty.
If you are over 50 years old and need long term coverage, you may want to consider a permanent life insurance policy, which lasts for your entire lifetime, as long as you pay your insurance premiums on time.
This type of term life coverage may be a good option to work as income replacement for your family members who rely on you for financial support.
For example, if you still have young children at home and are the sole income earner for your family, term insurance may provide you with peace of mind knowing your family’s future is financially secure should you die unexpectedly.
Term life commonly is purchased to replace lost income when the policyholder (main breadwinner) dies.
REVIEW: Is 35-year Term Life Insurance a Right for You?
If you like the idea of paying a fixed price (premium) for life insurance, but you are at an age where the standard insurance terms don’t seem long enough to meet your specific needs, you may need a different option — consider 35-year term insurance.
It may be suited for you and your family if you are fifty or younger, won’t retire for at least 30 or 35 years, and losing your income would create a financial hardship for your family members.
Term life is usually much more affordable than most people expect, but it gets costlier for those at a higher risk, due to age or health issues.
Keep in mind, if you outlive the duration of your 35 year term policy, then there are no benefits paid out and your coverage ends.
To find the most affordable 35 year term life insurance plans available, make sure to shop and compare pricing among several of the leading life insurance carriers including Banner Life, Protective Life, and AIG, to find the best policy for you and your family.
Term Life Insurance Quotes
Top Pick – JRC Insurance Group
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