How Long Should My Life Insurance Policy Last?

Life insurance comes in many different shapes and sizes, so there’s always a policy that will meet your needs. But how do you know what type of policy is right for you? For example, should you go for a more temporary type of life insurance policy, like term life, which you can purchase for a duration of 10 to 30 years? Or do you want a more permanent life insurance policy that will be in effect until you die, like whole life? When determining the length of your life insurance policy, there are many different factors to consider.

Deciding How Long Your Coverage Should Last

When trying to figure out how long you want your life insurance policy to last, the first thing you should do is consider where you are in life. Are you near retirement? Then you’ll probably only need a short-term coverage option. If you’re younger and have a family, though, you’ll need a policy that will provide income replacement for the next 30 years or longer. 

To figure out how long you should get  life insurance coverage, consider the following: money bills

  • Cost: The price of your policy will depend on the type you choose. Term life insurance policies tend to be very affordable, which is why they are so popular. Permanent life insurance is typically more expensive, but it will protect your family for the entirety of your life.
  • Your age: Life insurance companies take into consideration your age and health when determining your premiums; you should also consider how old you are and how old you will be when your term life insurance expires. If you are young and purchase term life insurance, you’ll probably need to renew your policy or purchase a new one. In that case, you might want to think about a more permanent life insurance policy, such as whole or universal life insurance.
  • Your major expenses: Do you have a mortgage? How long will it take you to pay it off? When looking for a life insurance policy make sure that it will cover big expenses such as your mortgage, or anything else that could put your family in a financial crisis if you pass.

If You Choose Term Life…

You can choose a term life policy that lasts for as little as 10 years, or as long as 30 or even 40 years. If you are considering a term life insurance policy and are trying to determine how many years your policy should last, consider the following:

  • 10-Year Term–  These policies are great if you have refinanced your home or have some other debts that will be taken care of in a few years.
  • 20-Year Term- This is great for young parents who want to provide coverage until their kids are out of college. 
  • 30-Year Term– This is generally the longest term available. It’s popular among newlyweds and young professionals, as well as the breadwinners of families. 

    scale with many boxes on one side and one box heavier on the other side
    The best way to find a plan is to compare plans from different companies.

Need Help?

Your family has financial obligations that will not go away when you are gone; they will need your help more than ever with their expenses, and the last thing you want them to worry about is money while they are grieving. There are many great affordable life insurance options to choose from that will provide enough money for your family, for a low monthly price. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

About The Author:
Cassandra Love

With over a decade of helpful content experience Cassandra has dedicated her career to making sure people have access to relevant, easy to understand, and valuable information. After realizing a huge knowledge gap Cassandra spent years researching and working with health insurance companies to create accessible guides and articles to walk anyone through every aspect of the insurance process.

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