What Term Should I Choose For Life Insurance?

  1. 145 POINTS
    Omar Sangurima
    Pretty the longest one that fits into your budget. If the decision is set on gettin a term rather than a whole life policy, the longest period you can comfortably afford is the best way to go. Mae sure the rate and death benefits stay level, as well as noting whether or not there is a convertibility option for down the road planning. The latter would let you carve out a portion or all of the death benefit into a whole life policy, usually with some lessened restrictions on the medical underwriting side of things. Of course, my only exception to this philosophy would be if you are getting the protection on something specifically and measurably finite, like to backstop a car or house or some such. At that point one would have a loan with a definite set of time terms, which would then lend itself to getting term coverage matched up to the time requirements of the item or asset being covered.
    Answered on June 4, 2013
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  2. 290 POINTS
    Mark Gilblair
    US Health Advisor, US Health Group, 2250 Point Blvd suite 322, Elgin IL. 60123
    Some things to consider are What are your objectives?  For instance if you have young children and want to provide for their college educations and well being in the event of your death while they are growing up; a twenty year term would suffice. Speaking with a trusted advisor will help you determine the level of coverage that best suits your objectives.
    Answered on June 4, 2013
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  3. 0 POINTS
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    David RacichPRO
    Fountain Hills, Arizona
    First you need to establish your present financial liabilities and future obligations. If you’re under age 50 and your financial liabilities are 30 years, correlating, as an example, to a 30 year mortgage, then 30 year term life insurance coverage should be considered. Longer liabilities or ongoing liabilities may call for permanent life insurance coverage. 

    Answered on June 4, 2013
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  4. 10968 POINTS
    Tim Wilhoit
    Owner, Your Friend 4 Life, Brentwood TN
    The concept of term life insurance is to insure a specific event for a specific time period. For example, if you have a $200,000 mortgage for 30 years, then you would purchase a 30 year term for $200,000 to insure your loved ones could pay off the mortgage should you die too early. Another example may be your children's education. Let's say your children are 12 and 14 years old and their education would cost an estimated $150,000. Then you would purchase a $150,000 10 year term to be sure they were taken care of if you were to die in the next 10 years unexpectedly. Always purchase term insurance to cover a specific need for a specific period of time. Term life insurance is also a greta affordable option to supplement smaller face amounts of whole life and universal life policies which are a more permanent solution for protection.
    Answered on May 3, 2015
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