What Term Length Should I Get For Life Insurance?
61667 POINTSview profileSteve SavantSyndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale ArizonaLife insurance coverage is an issue of amount and duration of protection. Most people have current financial liabilities, future obligations and some charitable intent. The question is how long will these financial exposures last? If there are ongoing past 30 years, then permanent life insurance is the better option. If these financial exposures are temporary, then term life insurance is the option and it's old in increments of five years, i.e. 5, 10, 15, 20, 25 and 30 years.Answered on September 4, 2013flag this answer.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.You should get the length of Term Life Insurance that suits your particular need. E.g. If you are expecting a child, 30 year Term is a good length. That would get your child through college and maybe even pay for her wedding, if you would tragically pass away before then. If you have a small business loan, the SBA usually requires a 10 year Term Life Insurance Policy. If you want life insurance to pay for your funeral, permanent insurance is best. It just depends on your need.Answered on September 4, 2013flag this answer
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