What Term is Right for You?

When you decide to purchase term life insurance you’ll need to decide what term length is right for your current life situation. In general, the more specific your need is the shorter the term can be. Here are some factors and examples to consider when making this decision:

Five Year Term Life

Let’s say you have a child who will be going away to college for four years and you won’t need life insurance whey he graduates, a five year term might be just right.

Ten Year Term Life

This might work if you need key person insurance. For example, if you own a business and have a key employee you want to cover with life insurance. You don’t think she’ll be in the position for more than 10 years so that term makes sense.

Fifteen Year Term Life

If your home carries a fifteen year mortgage or your children will be self supporting within 15 years, you might select this term.

Twenty Year Term Life

If you’re starting a family, this might be the perfect protection until they become self supporting. This is also one of the most cost effective policies meaning that it provides the most coverage for the least premium.

Thirty Year Term Life

You can protect your family over your entire 30 year mortgage with this term. This can give you real peace of mind that your family will have a home if something happens to you prior to the home being paid off.

So, there can be very sound reasons to purchase a precise life term insurance policy for your precise needs.