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Are You Considering A 25 Year Term Life Insurance Policy? Deciding on the length of your term life insurance policy is a crucial decision. Oftentimes, a 25 year term policy is the most appealing to families that are just starting out. Luckily, cheap term life insurance is easy to come by.
The most important thing is you do get some sort of life insurance coverage. Without it, your family is at great risk. If something were to happen to you, they would be responsible for paying your debts and final expenses. Furthermore, your income would not be replaced, leaving those that are dependent on you financially insecure.
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Should I Get A 20 Year Term Or A 25 Year Term Policy?
A 20 year term life insurance policy is a popular option for middle-aged and older people. People at this age may have some years left on their mortgage or other expenses, but they are less likely to have young children that are financially dependent on them.
Although the difference between a 20 and 25 year term policy may not sound like much, those extra 5 years can make a world of difference. A 25 year term policy may be more appealing for those planning to start a family in the near future, or for younger people that have more time left on their mortgage.
What About A 30 Year Term Policy?
A 30 year term policy is a bit excessive for most people, but some do prefer them. This is suitable for very young couples planning to have multiple children in the future, or for someone that has a new 30 year mortgage. A 25 year term policy, on the other hand, may be more suited for someone that has already started paying off some of their mortgages.
What Expenses Should Be Considered When Choosing The Length Of The Term?
There are several types of expenses that you should factor into your term life insurance decision. Not only do you need to decide how long of a term you’d like, but you also need to decide how much life insurance coverage you’ll need. Consider the following expenses:
- Final Expenses
- Car Payment
- Income Replacement
- Children’s College Tuition
Of course, there are many other factors to be considered, but these are just a few common examples.
How Should I Go About Finding A 25 Year Term Life Insurance Policy?
First of all, you should research the life insurance companies before applying. This way, you can make sure that you’re only working with the best life insurance companies, such as Banner Life. The rating agency A.M. Best can help point you in the right direction.
If you’re wondering how much life insurance you need, the general rule of thumb is to get a plan that is around 10 times your annual salary. In most cases, this is enough to keep your family financially secure if something were to happen to you.
There are many companies that sell life insurance. This can be overwhelming, but it is actually a good thing. One of the best ways to get affordable life insurance is by simply comparing policies. Since every company has different underwriting, rates will have high variance.
Before you apply for life insurance, there are several things you can do to get cheaper coverage. Although people with serious health complications will need to pay more, taking measures to improve your health before applying can go a long way.
Eating healthy and exercising regularly can make a big difference. You want to make the best impression possible at the medical exam. If you can lose a few pounds before applying, or lower your resting heart-rate, you’ll be rewarded by paying less for your life insurance policy.
Quitting smoking is maybe the best way to lower your life insurance rates. Smokers usually pay 2-3 times more for their life insurance. Since smoking causes so many life-threatening health conditions, life insurance companies do not offer smokers low rates. If you quit smoking a year before applying, you may be able to get preferred rates.
Should I Hire An Independent Insurance Agent?
Hiring an independent insurance agent is usually a solid investment. An agent will connect you with the top life insurance companies, and find you the most affordable policy. It helps to have an expert on your side when you’re looking for a life insurance policy.
If you have any questions, please feel free to contact us at PinnacleQuote (855)380-3300.