The length of time you need life insurance depends significantly upon how long you want your policy to last. For example, term life insurance only provides temporary coverage but is less expensive, while permanent life insurance is more expensive but covers you your entire life. Those living in Buffalo Grove, IL, should speak to their insurance agent to discuss options and how long they need a life insurance policy. Or, give our experts a call at STARS Insurance today for more information.
How Long to Get Term Life Insurance
Term life insurance does not cover you for your entire life. Instead, you pick how long you want the life insurance policy to last. The term length you choose depends on the coverage you need.
Different Term Lengths
Term life insurance offers various term lengths, including some of the most common terms of 10, 20, and 30 years. Other policy length options include 15, 25, and 35-year periods. Shorter-term lengths help cover some unplanned situations, such as needing life insurance to cover debts. Additionally, those with poor health can choose a shorter coverage and, when their health improves, get a better rate for whole life insurance coverage.
A 20-year term is the most popular choice among young parents because this provides them coverage until their kids are grown and have completed school. However, a 30-year term is popular among newlyweds giving long-term coverage at an affordable rate.
Picking a Term Length
There are three things to consider when selecting a term length for your life insurance policy. These things include:
- Age: Consider how old you will be when the policy expires.
- Cost: Consider how much you can afford to pay premiums.
- Goals: Consider your financial objectives, such as protecting a mortgage or saving for retirement.
Start planning for your financial future today and speak with an agent at STARS Insurance today about your life insurance options available in Buffalo Grove, IL.