If you’re considering term life insurance, you may find yourself wondering what term length is best for you. After all, most terms are 10, 15, 20, or 30 years, with some being longer or shorter. For many people, however, a 30 year policy is a great choice. A lot of mortgages are for 30 years. If something should happen to you, the life insurance policy will help you cover your remaining mortgage payments and ease the financial burden left behind.
You probably already know this one, but just as a reminder. If you have gotten married recently or planning on becoming a parent in the next five years, you need to make sure your family members will be taken care of if something should happen to you. If you’re planning on having kids in five years or so, a 20 year policy isn’t going to cut it. Besides, many young people these days in their earlier 20s are still dependent on their parents due to the economy. And you don’t know what things are going to be like in the future for your kids. To be perfectly blunt, some people will die within 20 or even 10 years. But if you’re like most people, considering term life insurance at this time, you won’t. Many people who are say 50 years old decide to go with shorter policies for the sole reason that these policies are cheaper than 30 year ones.
However, considering the fact that the average lifespan in the United States is late 70s to early 80s, with many people exceeding that, if you get a 30 year policy when you’re 50, that will insure you until at least age 80. Now it’s true that not every life insurance company will insure people into their 80s. But there are some that do. We work with over 60 life insurance providers, so we do have different options you can look at.
Okay, so what are rates like for 30 year policies? While they are more costly than 10 or 20 year policies, they may not be as high you thought. Here are a few different examples. Though keep in mind that your exact rates will likely be different because they depend on very specific factors. Let’s say George is a 30 year old man who applies for a $250,000 life insurance policy. Here are the best quotes he’ll likely be given. Here’s some quotes for SBLI for 20 year and 30 year terms. Now let’s look at Gina, a 45 year old woman, also applying for a $250,000 policy. Here are her offers. SBLI with 20 year and 30 year terms. And for good measure, let’s say Derek, a 55 year old man also applying for a $250,000 of coverage. His best offers are with SBLI and Banner Life.
So for some people, the extra money might be a major factor in their decision against a 30 year policy. However, it’s our professional opinion that the higher rates are well worth an extra 10 years of coverage. Keep in mind that you can always start comparing quotes today by using our online quote tool.