Term life insurance can offer you the right protection – provided you choose the right policy term.
Term life insurance—as the name suggests—won’t last forever. Rather, it will only last for the length of time (i.e. “term”) that you choose when purchasing your policy. Term life policies range in duration and are typically sold in multiples of 5. It’s important to figure out exactly how much coverage you need, and for how long you’ll need it. If you’re shopping for a term life insurance policy, make sure you answer these two crucial questions so you can choose the right term.
When will your children be independent?
Children are an expensive part of life; of course, you don’t need us to tell you that. With expenses like food, clothing, camps, music lessons, sports practice, etc., you almost can’t wait until they’re independent! Should the worst happen before that time, are they going to be in good hands? Your insurance policy should also factor in college. Don’t forget to calculate the cost of tuition and your kids’ projected graduation dates.
How much time is left on your mortgage?
Mortgages are the main reason that most people acquire some kind of life insurance policy. Should they pass before they can pay off that loan, they don’t want to force their family to sell their home if they’re unable to afford it without that income. 20 years left on your mortgage? Get your policy to last for 20 years!
To learn more about life insurance and what it can do for you, contact Donald Weiss Insurance Services. Our dedicated team will help you determine exactly what you need out of your coverage, helping you pick the right policy with the right term for your goals. Don’t be left with questions when buying this crucial coverage; call us today!