1. 15645 POINTS
    Edward HarrisPRO
    Owner, Best Health And Car Insurance Rates - Instant Online Quotes, US
    You need term insurance when you want low cost life insurance protection to protect your loss of income. assets or many other items.

    Whether you are getting ready to retire, just starting a new job, getting ready to start a family or sending kids to college, term insurance is one of the best and most affordable ways to create an immediate estate.

    A full-time broker or financial planner is your best resource for accurate information and comprehensive rate and policy analysis.
    Answered on June 1, 2013
  2. 145 POINTS
    Omar Sangurima
    When the cost of Whole or Universal Life insurance does not fit into your present budget is the time to start considering Term Life insurance. Also, when you have a tangible asset or pool of assets which have a definite useful life, after which you will sell or scrap them. At that point, term could be a better way to go than other types of life insurance since you could then match the coverage with the period of liability.
    Answered on June 1, 2013
  3. 10968 POINTS
    Tim Wilhoit
    Owner, Your Friend 4 Life, Brentwood TN
    You need term life insurance when you need to create an instant estate to protect your loved ones. The rule is if you died today, how would your loved ones fair? How much debt did you leave them? Can they afford to pay for your final expenses? Can they maintain their current standard of living without your income? The answers to these questions determine how much and how long of term life insurance that you need.
    Answered on July 4, 2014
  4. 7479 POINTS
    Steve Kobrin
    President, The Firm of Steven H. Kobrin, LUTCF, 6-05 Saddle River Rd #103, Fair Lawn, NJ 07410
    When do you need term life insurance? Let me count the ways.

    You need it when you have a need for a specific amount of coverage for a specific amount of time. Examples include:

    A home mortgage;
    A business loan;
    A divorce decree.

    You also need it when you want permanent coverage, but don’t have the budget for a permanent premium. At this point you can:

    By term now and convert it to a permanent policy when you are ready;
    Or buy term now and then shop for a new permanent policy when you are ready.

    It must be noted that some people will buy both term and permanent policies. This strategy is useful for addressing different needs for coverage that take place over different time frames.

    For example, they will use term insurance to provide income replacement, family security, and mortgage protection. At the same time, they use permanent insurance to cover the needs they will have for life insurance in the later stages of life. These needs could include supplementing retirement, estate preservation, and charitable giving.
    Answered on July 6, 2015
  5. 11783 POINTS
    Larry GilmorePRO
    Agent Owner, Gilmore Insurance Services, Marysville, Washington State
    When do you need term life? When the risk you are considering covering is a short term of less than 20 years. Or when you are starting out and just lack the funds for cash value funds. Term is something that will cover a need (for a short while) at a low price.
    Answered on February 7, 2018
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