Term life insurance is one way in which you can cover your family with the protection they deserve.
When purchasing a term life insurance plan, you have two main things that you should be thinking about: how much coverage to buy, and how long your policy should last. The duration of the financial obligations you should cover will determine how long your term life insurance policy should last. You want a policy to last until your very last major financial obligation is paid in full. If you’re curious about term life insurance but have little idea of how much you need or for how long you should get it, worry not! We’ll break it down for you.
The Length of Your Mortgage
Your mortgage is a big part of your monthly expenses and often the main reason that people acquire life insurance. Determine how long is left on your mortgage and this should be a pretty good indicator of the term life insurance period you need.
How Long Until Your Children Are Independent-ish
Children are expensive! They require food, clothing, education, sports and music lessons, electronic devices, and other things that keep hitting the market. How long until your kids will be good by themselves? These days it’s at least until they’ve graduated college—and don’t forget to take into account the rising cost of tuition!
How Long Until Retirement?
Ideally, you should be saving until the day comes you no longer have to work. You will likely have already paid your mortgage, and your kids will have grown up and probably have families of their own. If you want, you can live off your retirement from here on in and life insurance is not necessary.
Term life insurance is one of the most useful investments you can make for your family and your peace of mind. When it comes to finding the right life insurance, contact the insurance professionals at Massive Insurance or get an instant quote now!