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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.

How to Compare Life Insurance Quotes

Choosing a life insurance plan is not an easy task. You need to make sure that you review all of your options and choose the policy that best meets your and your family’s needs – and there are so many different kinds of policies to choose from that comparing them can take a lot of time. But comparing life insurance quotes from the top-rated companies is the best way to find the right policy that meets your needs and budget. So where should you start?

Getting Started

When looking for a quote, you’ll first need to have an idea of how much you’re willing to spend, and the amount of coverage you’re looking for. For example, do you want a policy that will help replace your income, pay off debts, or meet other financial goals for your family? woman with both hands up with question marks over each hand

Then you’ll need to think about which of the two major types of policy – term life or permanent life – is right for you. 

Term Life

This type of life insurance is generally the most popular type because it provides a good amount of coverage at rates that are affordable for many families. These policies cover you for a set number of years of your choosing, usually anywhere between 10 years and 30 years. During this time, if the policyholder passes away, the benefits are paid to the beneficiaries tax-free. The only downside to this type of policy is that if you outlive it, you will have to find another plan, which could end up being more expensive.

Permanent Life

This type of policy includes whole life and universal life insurance policies, which will cover you for the entirety of your life. One of the main reasons that people like this type of policy is that it has a cash value, similar to a savings account. With these policies, a portion of your premiums goes towards your cash-value account, which you can borrow from at any time. This benefit, though, usually means that these policies are more expensive than term life policies.

What Information Will You Need for a Quote?

person's ID
You will need to provide your personal information, and might have to undergo a medical exam for certain policies/companies.

Now that you’ve got an idea of the types of policies you will be looking at, you need to know what kind of information you will need to provide to insurers to get quotes. You will need to give them personal and contact information, including your name, date of birth, gender, phone number, email, and health history. Insurers might also ask about your lifestyle, including your health habits, hobbies, and occupation. 

In addition, with some types of policy, you will need to undergo a medical exam, which will help the insurer assess how much of a risk you are to insure. You do have the option, though, to choose a policy that does not require a medical exam – just know that these types of policies are generally more expensive and do not usually offer as much coverage. 

When you speak to an insurer, it is important to note that the initial quote that you receive will not necessarily be the exact amount you will pay in life insurance premiums once the policy goes into effect. Your initial quote is just to provide you with a ballpark figure of what they think you will pay based on the information given. Once they dive into your health history, driving record, and any other information, they will provide you with a more accurate dollar amount.

Finding the Right Plan

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.

What is Spouse Life Insurance?

Purchasing a life insurance policy is a great decision when you have a growing family, but you have to remember that your life insurance policy only covers you. Your family will not receive a death benefit if your spouse dies unless they have their own life insurance policy. But what if your spouse does not have a policy? Is it possible for you to take out a life insurance policy on your spouse?

What Is Spouse Life Insurance?married couple making hearts together with their hands

Spouse life insurance is a type of policy that covers your spouse or partner, leaving a death benefit for you and your family if they die. A partner can purchase the policy on their loved one, including a husband, wife, common-law spouse, or domestic partner. This type of life insurance falls into the category of dependent life insurance, which generally provides less coverage than standard policies.

How Does Spouse Life Insurance Work?

If you decide to take out a life insurance policy on your spouse, you will still have to go through the underwriting process – but only if you choose a permanent or term life insurance policy that requires you to do so. Your life insurance company will have to verify that your spouse is eligible to be insured and assess how much of a risk they are so that they can determine their coverage amount and premium rate. Once you have provided all of the required information, your insurer will offer coverage if your partner meets their requirements. 

Reasons To Consider Buying Life Insurance On Your Spouse

If you are conflicted about whether you should purchase a spouse life insurance policy, consider the following reasons why it might be a good idea: 

  • Spouse life insurance can replace their income- If your spouse is the breadwinner of the family or head of the house, life insurance is very important to have, so that your family would not have to struggle if your partner were to pass away. Their income probably covers many expenses, including mortgage payments, and you don’t want to lose your house or struggle to pay any other household bills.
  • You have debt– If you have shared debt or loans, you also share the responsibility of repaying them, even if your partner passes away.
  • You’ll need help running the house– If your spouse takes care of the household chores, including taking care of the kids, cooking, cleaning, and laundry, and they pass away, you might need to pay someone to help with all of these things, and life insurance benefits can help with this. 

Can You Take a Policy Out On Your Spouse Without Their Knowledge?

white question mark in a green circle
You cannot take out a life insurance policy on your spouse without their consent.

Both partners in a family need to be covered by life insurance in case the unexpected happens, since each partner has a role and adds value to the household in different ways. But purchasing a policy to cover your partner is something you need to discuss with them, especially since it is illegal to purchase life insurance coverage for your spouse without their knowledge. You must first get their consent and their signature for the policy – even only getting verbal consent to sign the policy can be considered insurance fraud.

If you’re looking for life insurance for you, your partner, or both of you, the best way to find the most affordable policy is by working with a licensed agent from a top-rated insurance company. They can help you find a policy with good rates, and give you ideas on how to cut down on costs. We have listed some companies to work with that will be able to find you the most coverage for less. Always check multiple sites to make sure you have bargaining power and to know the different advantages of each company. Make sure a hard time for your loved ones isn’t made harder by a financial burden, check life insurance rates today

When Is Whole Life Insurance Worth It?

There are a lot of different types of life insurance policies to choose from, and it can be confusing trying to figure out the right one for you. For example, whole life insurance, a type of permanent life insurance policy, is a more expensive policy than others, but it can be worth it for some people to spend the extra money on. It’s a type of policy that is worth looking into, but if you are considering purchasing whole life insurance, you’ll need to review what these policies entail to see if one might be right for your and your family’s needs. 

illustration of a man holding a large bag with a money sign on it
If you have a high annual income, then a whole life insurance policy is a better fit for your family.

If you are in the following situations, you might want to consider a whole life insurance policy:

  1. You have a high annual income, typically over $250,000, or have over $1 million in assets. Whole life will provide high coverage options, unlike other life insurance policies.
  2. You want premium rates that remain the same throughout the life of the policy. With a whole life insurance policy, there won’t be any premium rate increases due to your age, health, or any other changes to your circumstances.
  3. You would like the option of a cash value that you can borrow from while you are still alive. Borrowing against your policy would be like taking out a loan without any taxes on it.
  4. You would like lifetime coverage. Unlike with other policies, such as term life insurance, you will have coverage for the rest of your life, which will ensure that your family will receive the death benefits, as long as you have paid your premiums.
  5. If your family will have to pay a lot of taxes on your assets when you pass away, the coverage offered by a whole life policy would be enough to cover them and then some, so your family will not have to pay any estate taxes out-of-pocket.
  6. You have maxed out any other tax-deferred investment options, such as your 401k, IRA or Roth IRA. If this is the case, a whole life insurance policy will be a great way to provide more money for your family.

If any of the above applies to you, you should look into a whole life insurance policy. On the other hand, if you want a cheaper policy, and are only interested in a policy that will cover your debts, like your mortgage, for a limited period of time, a term life insurance plan might be a better fit. Or if you want a very economical policy with just enough coverage for your funeral and some debts, a final expense policy might be best for your needs. It all depends on what your priorities are, and how much coverage you need to make sure your family is financially secure in the event of your passing. life insurance policy on a paper next to a calculator and hand holding a pen

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.

Before Getting Married, Discuss Finances & Life Insurance!

Congrats on your engagement! You’re probably busy planning and making arrangements for the big day, but during this fun (and stressful!) time, don’t forget that there is something very important you need to discuss before getting married and sharing your life together: finances. Before making the commitment to forever, you should be clear about what debts and assets you have; once you’ve done this, there’s one more very important thing to talk about, and that’s life insurance. We get it, it’s not the most romantic subject to talk about before tying the knot, but you definitely need to discuss how much life insurance you’ll need to ensure your family’s future financial stability. To make things easier, consider the following so you can figure out what kind of life insurance you’ll both need.

Debts You’re Bringing To The Marriage

illustration of a woman holding a large bag with a money symbol on her shoulders
Before getting married, it is important to discuss any debts, and other finances you have with your fiancé.

You’d probably agree that being open and honest with your partner is very important, right? Well, that includes being open with your soon-to-be spouse about any key financial information; in fact, roughly 42% of couples say transparency about finances is key to a healthy relationship. This is especially true when it comes to any debts that you will be bringing into the marriage, including credit card debt, student loans, or car payments. 

If you both have an understanding of what debt you’ll be taking on before getting into the marriage, you’ll be better equipped to come up with a plan to tackle that debt; you’ll also know how much life insurance coverage you’ll both need to keep you financially protected in the future. Remember, if one of you were to pass away, the other could be responsible for some of those debts, so take them into consideration when choosing your policy. You will want to make sure that in the event of your passing, you can still help cover these debts and provide enough for other expenses. 

Are You Planning On Having Children?

Do you want to have children someday? Does your partner? If the answer is yes, a lot of other questions will follow, like: Will you be buying a house one day as your family grows? Would you be able to continue taking care of your children on your own if your spouse passed away? Do you plan on helping your children with college expenses? You will need to discuss these questions and figure out how much life insurance coverage will be enough to cover any or all of the scenarios raised above. 

Evaluate Your Disability Insurance

blue and white disability sign
If your job does not cover disability in case you get injured and unable to work, you can get a disability rider with life insurance.

In the event that you or your spouse got hurt or disabled, would the disability insurance offered through your job cover your bills? Odds are it would not; in fact, more than half of working Americans could barely afford their bills past the first month of being unable to work. You will both want to be financially protected if the unexpected happens and you are no longer able to provide an income; life insurance disability riders can help you or your spouse keep paying the bills by covering any lost income. 

What Kind Of Life Insurance Policy Should You Get?

You have options when choosing a life insurance policy/policies to cover your new family. One thing to consider is whether you plan on having your own life insurance policies or a joint life insurance policy; joint life insurance policies cover both of you, and are generally less expensive than purchasing two policies. If you decide on a joint policy, you have two options: a first-to-die policy, which provides benefits to your spouse after one of you dies, and a second-to-die policy, which pays out benefits to your family after you both have passed. Be aware that after the first-to-die policy’s benefits are paid out, the policy terminates, meaning the surviving spouse would have to get additional coverage if they want to provide benefits for the rest of your family after they pass. 

Individual life insurance policies might be a better fit if you want guaranteed protection for each individual; you might also be able to get higher payout benefits when getting your own life insurance policies. The best way to determine which is the best route is to go over your finances and compare plans. You might find that a term life policy is better for your needs, while your spouse might decide on a permanent life policy. Whatever you both choose, it is important to have life insurance for the unexpected, so that neither of you is left struggling.

Talking about your finances before getting married might not seem fun when you are in love and enjoying the good times, but it is necessary, and avoiding the subject will be detrimental to your relationship in the long run. You need to know how much debt you each have and what your future plans are for taking on more debt, so you can figure out exactly how much life insurance coverage you’ll need to protect your family now and in the future. After having the talk, the next step is determining which life insurance policy will best fit your finances and needs; the best way to do this 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.

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