So you’re in the market for term life insurance but aren’t sure which term to select? Should you go with a short term, just until the kids finish college? Or should you select a longer term? At IntelliQuote we generally encourage our customers to select a long, level term life insurance policy. Why? For a few reasons:
Lock in Your Rate Now
If you lock in a long level term life insurance policy today, that you can comfortably afford, you can rest assured that you will have the coverage you need for many years to come. Perhaps you plan to retire in 15 years but you will likely still have financial responsibilities for 20 – 30; purchasing a 20 or 30 year level term life insurance policy is a good idea. You will then enjoy peace of mind with no need to reapply for many years. It’s also important to keep in mind that the face value of a term life insurance policy shrinks with inflation. Though it may seem unnecessary to carry $250,000 in coverage after the kids are grown, keep in mind that $250,000 won’t go quite as far 20 years from now. In fact it will probably be just the right amount of protection.
If you’re young and healthy, there’s no time like the present to lock in that long level term life insurance premium.
It Can Be Tough to Get Covered Later
If you wait until an older age, to apply for term life insurance coverage, you can expect to face higher premiums. As you advance in age, insurance companies consider you a higher risk; regardless of your level of health. This is why it’s so important to lock in a long level term policy as soon as possible. If you instead choose to purchase a 10 year term, you’re leaving a lot to chance. What happens if your health declines during that time? Even if you remain in excellent physical condition, you’ll face much higher premiums when the time comes to renew your policy. In the long run, you’ll save valuable time and money by purchasing that level term life insurance policy when you’re young and healthy.
No Obligation to Continue Your Coverage
If the thought of committing to a 30 year term life insurance policy make you a bit uncomfortable, you’re not alone. Many of our customers report having the same apprehension. The good news: you can cancel your term life insurance policy at any time. That’s right, if you decide you no longer need the coverage you can simply cease premium payments. But if you become ill, or your financial responsibilities change later in later life, you’ll be thankful for that long level term coverage.
Ready to lock in your term life insurance rate today? Contact us! With no obligation to buy, our team of licensed agents is here to discuss your needs and help you apply for the level term life insurance coverage you need.
Want to learn more? We encourage you follow our Life Insurance Blog here we address this and other topics that affect you and your family. While you’re here, check out these recent related posts: