1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    You should buy Term Life insurance if you have a temporary situation that would turn out badly if you were to pass within the next x number of years (the x being the number of years for which you should get the Term policy).

    E.g. You are saving money to send your two children to college. They are age 10 and 12. You just got a promotion and anticipate being able to put away $1,000/month for their college education. This should enable them to get into most schools and you are feeling good about that.

    But suddenly your company closes its doors. Or you are diagnosed with a serious illness that requires expensive treatment and forces you to stop working for months. Or the ultimate tragedy, you pass away.

    There is no need to explain how difficult it could be for your family to function for the next years, much less save up for college. Relatively inexpensive, 15 year Term Life insurance could have taken care of all of that.

    If you are in good health and able to pay an affordable price, and if you have any temporary needs in your home or business, Term Life insurance can be a value beyond measure.
    Answered on May 5, 2013
  2. 11498 POINTS
    Jason Goldenzweig
    Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
    Term life insurance is needed when you have a temporary debt that you don't want others to be burdened with such as a home mortgage, car loans, credit card debts, college tuition, etc. Coverage for items such as income replacement and leaving a legacy to your family should ideally be covered by a permanent life insurance policy.

    I would recommend consulting with an experienced independent life insurance broker who can work with you on a personal level to help you determine how much coverage you should have in place and how long you should have it for. Since budget is an obvious concern for most, many people will create a coverage structure that will best serve their needs even if it cannot cover everything.

    I hope the information is helpful - please feel free to contact me for assistance with your coverage and if you have any other questions. Thanks very much.
    Answered on July 26, 2014
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