How long should I get term life insurance for?
One of the hardest parts in selecting a term life insurance policy is trying to determine “How long is term life insurance?” There are many different products that offer a wide range of terms, so it is important to understand exactly what it is you are looking to get out of your term life coverage when answering the question “How long should I get term life insurance for?” The best way to handle this question is to create a list of reasons why you are getting term life insurance.
Reason 1: Children
Children are the biggest reason that people get term life insurance. They want to make sure that their children are provided for should the worst happen. The age of your children, and how long you plan to support them, will give you a good indication of how long to get term life insurance for. If your children are relatively young, then you will want a longer term. Additionally, if you plan on supporting them through college and graduate school, you will also need a longer term on your term life insurance to ensure that they are covered the years they are in school.
Reason 2: Family
The second reason people get term life insurance is to protect their spouses or partner, and to ensure they have the means to get by should you no longer be around. This goal is best addressed by a longer term if your partner will not start working again, and a shorter term if they can.
Reason 3: The House
Home ownership comes with some of the biggest expenses in our modern life, and many people like to get a term life insurance policy for the length of their mortgage. This ensures that should the worst happen, your family will be able to pay off and keep your home.
As you can see, understanding the reasoning behind your term life policy will give you a good clue as to how long term life insurance you should be looking at.
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