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Is 30 year term life insurance right for you?
When considering a term life insurance product, it’s mostly a matching of debt obligations over the course of time. Considering your debt obligations will help determine the amount and lengths of time of the term policy that best covers those parameters.
An example of this is a married man with 2 children at the age of 38. A 30 year term life insurance policy will cover his family until he reaches age 68. In the unfortunate event that death befalls him, we must consider the expense and debt obligations of the family.
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Will the children be covered with funds for college? Will there be enough money for the wife to cover the mortgage and other living expense? Bringing together these potential expenses and analyzing various scenarios will help determine the amount of insurance that is right for your family.
How to Examine Policies with an Instant Term Quote
Primarily, what you want to look for and examine is the “premium difference” and weigh that against your debt obligations.
Run your 30 year term life instant quote and compare it with 20 or 10 year products. If there’s a large discrepancy in annual premium, it’s important take this into account.
For instance, if the premium difference for $750K of coverage between 20 and 30 years is $1200 annually, that is $24,000 over the course of the policy. These types of scenarios should be taken into consideration when choosing the right term life product for you.
Tip: Once you run your instant term life insurance quote, allow a member of the Select Your Term team to help you determine which product is best suited for you! Make sure to enter in your correct phone number and email to take advantage of this service.
Additional Options and Benefits of 30 Year Term
Additional benefits of the 30 year term life insurance product are the ability to re-buy more insurance at an older age when you may have a much lower debt coverage need.
The sweet spot for most buyers of 30 year term is in their mid-30’s. At that age premiums are still quite low based on good health and expected longevity. A 30 year Term policy will cover the 30 year mortgage and future college expenses and get you into your mid 60’s. At that stage of your family’s life the amount of debt should be a lot lower or eliminated.
At that time, you may elect to re-buy a 10 year policy with a lower face value if needed.
For someone who starts out with a 10 or 20 year policy, the termination of that policy may very well occur at a time when they still have further debt obligations to cover, hence the need to re-buy another 10 year or 20 year Term.
Still on the fence? Go ahead and run a few instant 30 Year Term Life Insurance Quotes using our SSL secured term life quote generator. It’s fast, easy and (best of all) free!