How many years of term insurance you should get depends on what you want the coverage for and for how long. If it is for a short period of time then yearly renewable term might make sense. If you need coverage for longer then a 10, 20, or 30 year term could fit the bill.
Most term coverage is renewable at the end of the term and will expire at stated age (age 85 for example). Often it is convertible to a level premium permanent plan.
The are many options and factors to consider. An independent life insurance broker, representing several companies, can help you find the right policy at the right price.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
Talk to your Insurance Professional about your specific needs and identify the plan that best suits those needs. If for example, you are looking for protection for a short term loan, then no more than 10 years would work. If on the other hand, you are looking for mortgage protection then you will want to research coverage that will be there for you for the life of the loan, but also has flexibility to enable you to make adjustments as you refinance and develop additional needs along the way.
The number of years of Term Life Insurance you should get depends on your age and the needs you are trying to cover. Your health, build, smoking status and existing coverage may also enter into your decision.
Age and Needs: E.g. If you are a young person with young children, you will probably want at least 20-30 year term insurance. At a young age you will get a great rate, and that way you will have the premium locked in until your children are on their own. If you are older, you may want to take a shorter term because your premium is higher and your children are almost grown. This is just one example of how age and needs enter into your decision.
Health: If you have a chronic health condition, it is a good idea to lock your term rate in for as long as you can afford (as long as you have a need for coverage that long). Even if your health condition remains controlled, just developing one more health condition can cause your rates to jump very high. While your health is stable is the time to lock in that rate for a long time.
Build: Almost everyone who is overweight thinks they will lose weight, and many decide to put off buying life insurance until that happens. Unfortunately, even if they lose weight, they have to keep it off for some time before it will lower their life insurance premium. And in the interim, their beneficiaries have no protection at all.
A cost effective, wiser option (in my opinion) for those who think they will lose weight, is to take a short term policy now. At least then you have coverage, and if you never do lose weight, you can convert your term to permanent later on.
On the other hand, if you are at an ideal weight now, again, lock that premium in for as long as you can.
Smoking Status: This is similar to the weight issue. If you plan to quit smoking, you may want to take a short term policy now to save money.
Existing Coverage: If you already have a long term policy locked in and just need additional coverage for a short time, you might choose a short term policy. You will want to look at what you have now before you decide how many years of Term insurance to add to your portfolio.
These are just some examples to help you decide how long the term should be in the life insurance you choose. Give me a call if you'd like me to help you decide in your situation.
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Most term coverage is renewable at the end of the term and will expire at stated age (age 85 for example). Often it is convertible to a level premium permanent plan.
The are many options and factors to consider. An independent life insurance broker, representing several companies, can help you find the right policy at the right price.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
Age and Needs: E.g. If you are a young person with young children, you will probably want at least 20-30 year term insurance. At a young age you will get a great rate, and that way you will have the premium locked in until your children are on their own. If you are older, you may want to take a shorter term because your premium is higher and your children are almost grown. This is just one example of how age and needs enter into your decision.
Health: If you have a chronic health condition, it is a good idea to lock your term rate in for as long as you can afford (as long as you have a need for coverage that long). Even if your health condition remains controlled, just developing one more health condition can cause your rates to jump very high. While your health is stable is the time to lock in that rate for a long time.
Build: Almost everyone who is overweight thinks they will lose weight, and many decide to put off buying life insurance until that happens. Unfortunately, even if they lose weight, they have to keep it off for some time before it will lower their life insurance premium. And in the interim, their beneficiaries have no protection at all.
A cost effective, wiser option (in my opinion) for those who think they will lose weight, is to take a short term policy now. At least then you have coverage, and if you never do lose weight, you can convert your term to permanent later on.
On the other hand, if you are at an ideal weight now, again, lock that premium in for as long as you can.
Smoking Status: This is similar to the weight issue. If you plan to quit smoking, you may want to take a short term policy now to save money.
Existing Coverage: If you already have a long term policy locked in and just need additional coverage for a short time, you might choose a short term policy. You will want to look at what you have now before you decide how many years of Term insurance to add to your portfolio.
These are just some examples to help you decide how long the term should be in the life insurance you choose. Give me a call if you'd like me to help you decide in your situation.