How to: Secure the Right Length of Term Life Insurance

Term Life Insurance Apple Valley MNDetermine how long you should secure your life insurance for in Apple Valley, MN.

When you’re buying Term Life Insurance, everything may seem straightforward until choosing the length of time to hold your policy. Perhaps ten years is enough? Perhaps twenty-five? Or all the way up to thirty?

Believe it or not, figuring out the answer is actually quite simple. We buy life insurance to protect our families and dependents from having to deal with our own financial burdens when we have passed. The “term” part comes in to determine how long you should secure your policy for!

Like any insurance policy, the best term length is not a one-size-fits-all proposition – but here are a few tips to help you decide how long your term should be for.

Evaluate Your Financial Commitments
Financial commitments include responsibilities like your mortgage, college expenses, and other big-ticket items that you will pay in the future. You will want to ensure that your life insurance covers, and even extends, beyond your 15-year mortgage. Most people want to make sure that their term life insurance is in effect while those debts are being paid, as a mortgage is often reliant on the idea that there will be two salaries coming in!

Consider Your Dependents
Since children are the most dependent of all dependents, a popular term is one that will cover the time between now and the age your children will reach adulthood. You may consider a term policy that sees your child through, up until adulthood.

Your Budget
The longer a term life insurance is, the greater the annual premiums. If you know you need a certain dollar amount of life insurance coverage but cannot afford a decades-long policy, one option is to buy for a short term then renew after it is completed.

Visit the insurance professionals at Mayer Insurance to secure the most reliable life insurance policy in Apple Valley, Minnesota to suit your needs, family, and budget.