we're entering the longer lengths of
term life...20 year term life insurance.
Quite different from 5, 10, or even 15
year, 20 year is more of what people
think of when looking at addressing the
traditional needs of
20 years is long enough a period to
address most issues while keeping the
cost down from 30 years. Let's
look at 20 year term life insurance.
years is one of the most popular lengths
of term life selected on the market for
good reason. 5 and 10 are usually
used to address specific needs or
windows such as 5 year loan, a new
business venture, a 5 to 10 year
contract, or any other financial
responsibility that is short term in
nature. The traditional need for
life insurance is to replace income due
to the loss of a person who earns income
or is financially responsible for
dependents. For a younger family,
this usually involves a very large
period of time. With young
children or a new house, you are looking
of at least 15-20 years. We will
speak with clients and their two typical
requests are to get their children past
college (which is increasingly
expensive) and pay off the family house.
This is actually a pretty practical
consideration and good strategy.
term life insurance planner will
help address the amount and ultimately
our quoting engine will allow you to
double check the affordability of the
term length. Let's talk a little
more about affordability.
years intuitively feels like round
number to most people and it's a popular
length of term offered my most
insurance companies. 15 years can
cut some long term needs short and 30
years might be too expensive for your
budget. Ultimately, you have to be
able to afford the coverage even during
down times when money can get tough.
If 30 years of coverage is going to
stretch your budget than that overrides
the apparent benefit of that length of
term and points directly to 20 years.
It's more important to have 20 years of
coverage you can afford than 30 years of
coverage that will lapse after 5.
With life insurance, you need to be
protected but you also need to be
practical. If you give most
insurance brokers a chance, he/she might
sign you for all types of coverage but
you are the one that has to pay the
premium. This is why you do not get the
hard sell from us. 30 years is
usually the longest period of time and
for good reason...who knows what your
needs will be after 30 years. 20
tends to be a practical way to attain
long term life insurance but at a lower
cost than 30 years.
recommend running your
instant term life
insurance quote and comparing the 20
year with both the 15 and 30. If
there's a big price jump either way,
definitely take that into account
especially if it allows you to obtain an
adequate amount of coverage.