The best Term Life Insurance is a policy that will cover your need for it. E.g. If you have a business loan that you will pay off over the next 10 years, 10 year Term Life Insurance may be your best choice.
However, if you don't have a set need, getting a policy that will last until the date that the policy can last be converted can be a good choice.
E.g. Let's say you are 40 and the policy is convertible to the end of the term or age 70, whichever comes first. If you get a 30 year term policy, you will have inexpensive coverage for the next 30 years. Perhaps you no longer need life insurance at age 70, so you can just drop your coverage when the term ends. On the other hand, you may develop a serious illness and not want to lose your policy. Converting your current term policy to a permanent one can be a wonderful option to have in this situation.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
The best term life insurance policy is the policy that is scheduled to terminate the day after you die. The company would then pay the full death benefit but will probably have collected the least amount of premium. Unfortunately few in society know the day when they will die. Then you need to select a policy that covers you for the period of time when the need is greatest.
The best term life insurance policy is one that fits your TEMPORARY needs. Ask yourself what you are using the life insurance for. If it is to cover the cost of your home mortgage, or your business loan, simply get coverage for that amount. *Example: You have 15 years left to pay off your mortgage and it's currently $150,000 pay off. You can get a 15 year term life policy for $150,000.
The only problem with this solution is that most people have other outstanding debts that need to be addressed. Think about what it would cost to replace YOUR income if you no longer were here. Do you have Kids? Do you want them to attend college? What's the cost of that? So in the example above, $150,000 would not be enough.
The best term life insurance policy would be one that would completely get you out of debt, pay off your loans, and leave additional money to your family to replace your income so your family can continue on with lifestyle of living they are accustomed to. You can find all kinds of life insurance cost calculators online to help you determine the right amount for you!
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However, if you don't have a set need, getting a policy that will last until the date that the policy can last be converted can be a good choice.
E.g. Let's say you are 40 and the policy is convertible to the end of the term or age 70, whichever comes first. If you get a 30 year term policy, you will have inexpensive coverage for the next 30 years. Perhaps you no longer need life insurance at age 70, so you can just drop your coverage when the term ends. On the other hand, you may develop a serious illness and not want to lose your policy. Converting your current term policy to a permanent one can be a wonderful option to have in this situation.
The only problem with this solution is that most people have other outstanding debts that need to be addressed. Think about what it would cost to replace YOUR income if you no longer were here. Do you have Kids? Do you want them to attend college? What's the cost of that? So in the example above, $150,000 would not be enough.
The best term life insurance policy would be one that would completely get you out of debt, pay off your loans, and leave additional money to your family to replace your income so your family can continue on with lifestyle of living they are accustomed to. You can find all kinds of life insurance cost calculators online to help you determine the right amount for you!