Affordable Life Insurance Protection for Your Family

Term Life Insurance Time Period

Choosing The Right Duration for Life Insurance Protection

 

If you are considering the purchase of a term life insurance policy you may be asking yourself what is the right duration of coverage to meet your needs.

 

Actually, it is one of the most important considerations when buying a term life policy.

 

You want to make sure you have coverage that will last long enough so that you do not outlive your need for protection. And, make sure your policy is Renewable, should you need coverage to continue beyond your original Policy Term.

 

What Time Periods are Offered for Term Insurance?

 

When it comes to temporary (term) life policies, you may have the option of choosing a Policy Duration (Term) of 10, 15, 20, 25, or 30 years.

 

However, the longest term available will depend on your current age and health.

 

For example, a 30 year old may be able to buy a 30 year term policy; whereas, a 70 year old may be limited to a maximum term of 15 years.


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How to Choose a Time Period for Term Life Insurance

 

When selecting the right policy term (duration) of coverage you will want to consider the following:

 

  1. What goals do you want your life insurance policy to accomplish?
  2. How many years do you need coverage in order to accomplish your goals?

 

For Example: 

 

Providing for Child’s College Education

 

If you want to make sure your 7 year old has money to go to college in case you pass away, you would want to buy a 15 year level term life insurance policy so that your child is protected until age 22.

 

Paying Off Mortgage

 

Or, if you just bought a home with a 30 year mortgage loan, you would want to buy a 30 year level term policy, so if you pass away before the loan is paid off, your spouse (or family) would have the money to pay off the mortgage and remain in the home they shared with you.

 

What is Level Term Life Insurance?

 

Level term is the most popular type of term insurance coverage available.

 

With level term your coverage amount does not decrease and your premium remains the same for the entire duration (term) of your life insurance policy. 

 

If you pass away during the policy term, the death benefit is paid out to your beneficiary. If you outlive the policy term, there is no payout of benefits, and your coverage ends.

 

What is Renewable Term Life Insurance?

 

Renewable term life is term insurance that allows you to renew your policy for an additional term (usually up to 10 years) when your current policy expires. 

 

Your premium for the renewable policy will increase based on your age at time of the renewal. However, you will not have to take a medical exam in order to qualify for the renewal policy.

 

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