If you have loved ones you want to financially support should you pass away, then. With these policies, your receive a payout if you die within the coverage period. They can then use that money for general living expenses, to or medical bills, or anything else they might need in your absence.
is just one of the many types of life insurance you can choose. With these, you get coverage for a set period of time — typically five to 30 years. This allows you to choose a coverage length that meets your goals and financial needs best. But what term is right for you? Below we will break down the options.
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How long should your life insurance last?
Here's a look at the various coverage terms you can typically get with a term life insurance policy and when each one might be smart to get.
Aside from annual insurance, which you need to renew year after year, this is the smallest amount of term life insurance coverage you can typically purchase. It might be smart if you have a short-term loan you want to ensure can be paid off if you die (like a car loan, for example), you're retiring soon, or if you have a teenager who will be graduating high school or college in the next few years.
A 10-year term life insurance can be a wise choice if you have small debts you need to pay off, you have older kids, or you're approaching retirement. It can also be smart if you're planning to get married soon, as it could cover you and your soon-to-be spouse until you have children (when you might want to renew with a longer and larger policy).
You can get a free price estimate now so you know exactly what to expect.
15 to 20 years
Longer, 15- to 20-year term life insurance policies can be good for new parents or parents with younger children, as it covers the policyholder until their child has graduated or is a self-sufficient adult.
These policies can also be good options if you take care of aging parents, you're in the middle of your career (and still a bit away from retirement), or if you have a mortgage loan that has 15 to 20 years left.
This is typically the longest term life insurance policy you can purchase, and you might want one if you've just bought a house (with a 30-year mortgage loan), you're early on in your career and the household breadwinner, or you have lots of student loan debt. If you're planning to have kids in the near future, you might also choose this coverage length.
Keep in mind that longer-term policies willthan shorter-term ones, so make sure you budget appropriately for the .
You can easily start exploring different terms and costs with Haven Life or use the table below to review your options now.
Choose the insurance that's right for you
These are just general recommendations, and the right term life insurance policy will vary from person to person. You can also explore other, like or variable life insurance. If you're not sure what the best life insurance type, term, or is for you, seek guidance from an independent insurance agent or financial advisor in your area.
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