Paying insurance premiums for your entire life doesn't necessarily make sense if you only need protection for a finite amount of time. If your coverage needs are temporary, you might consider fixed term life insurance. Life insurance fixed term coverage will pay a death benefit to your beneficiaries if you die within the term of your policy. Terms can range from as short as five years to as long as 30 years depending on your needs. Read on to learn the pros and cons of various fixed term life policies.
With most carriers, 5 year term coverage is the shortest possible term available on a policy. With 5 year term insurance, the policyholder receives protection for only a brief period of time, which makes it ideal as a supplementary policy. For instance, if you already have a term life policy through your employer but take on additional debt, you might purchase a 5 year term policy to protect your loved ones until your obligations are paid off. On the other hand, a five-year term life policy might not be enough for some policyholders.
A 20 insurance life term year policy is one of the most popular because it often covers the insured's children until they come of age. Many consumers purchase life insurance to make sure their children and other dependents are provided for until they become financially self-supporting if the policyholder dies. Twenty years may cover most policyholders with young children, but those who wish to also cover college costs and mortgage obligations may wish to extend their terms even further. Life insurance 20 year term protection is ideal if you believe your children and spouse will be independent by the end of that period and your major debt obligations will be fulfilled within that period.
Of all term policies, 30 year term insurance is the most common and most popular. With 30 insurance life term year coverage, policyholders have ample time to raise their families, pay off their debts, and allow their spouses or partners to become independent even if they die during the term. Most home mortgages last for 30 years, which is another reason why 30 year term life is so popular. Thirty-year policies offer the most security and protection of all term life coverage, so if you would like to see prices on insurance life quote select term coverage, request a quote on any one of our pages. You will see the best offers on the life insurance policy with the term of your choice.