How long are most term life insurance policies?
One of the consuming things about term life insurance is how long of a policy you should get. The different term lengths are one of the most important differences between term life insurance policies, and understanding what your needs are, rather than doing what everyone else is doing, is the best way to figure out how long you should get a term life insurance policy for.
Short Term Life Insurance
If you are looking for extra protection for your family for only a few years, than a shorter term on your term life insurance policy is the best way to go. This will provide you coverage when you need it without tying you down in a policy once its utility has run out. A good example of this is a 5 year term life insurance policy. This is an appropriate length for individuals who may have children who are about to enter college, and want to make sure their college education is paid for, but don’t plan on supporting them after college.
Medium Term Life Insurance
Medium term life insurance generally falls in the 10-20 year category. This length of time is best if you have a young family or young children that depend on your income, but you don’t plan on supporting them after they are done with their education. This amount of coverage ensures that your children can go to school, or your spouse or partner can pay off the house.
Long Term Life Insurance
Policies in the 20-30 year range might be considered long term. They provide protection for the vast majority of your working life, appropriate if you live in a single income household or are in a situation where you have long term dependents. This is another common reason for long term life insurance: long term care. This term coverage will ensure that your loved ones have the income they need and would be receiving throughout your working years.
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