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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.
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.

What is Direct Term Life Insurance?

We are living in a time when convenience is king, and you can shop and purchase anything with the click of a mouse or the touch of your finger. Many consumers now prefer to do their shopping online, even for things that traditionally needed to be done in person, like purchasing life insurance. This is especially easy to do these days, because there are now ways to do health assessments online for basic types of life insurance, like term life insurance.

Policies known as direct term life insurance policies, or direct-to-consumer policies, can be purchased directly through an insurance company, typically through their website, and offer an easy and convenient way to get life insurance coverage.

Direct Term Life Insurance Explained

hand coming out of a laptop with a life saver giving another hand it — *Term life is one of the most popular types of life insurance policies among families because of its affordability*

Before we go over what direct term life insurance is, we will first review what term life insurance in general is. Term life insurance policies are policies that you can purchase to cover you for a set period of time, typically between 10 and 30 years. If you die during that time, your loved ones will receive your death benefit; if you don’t pass away during this time, you will need to either renew your policy or purchase a new one.

Term life is one of the most popular types of life insurance policies among families because of its affordability. But if you choose direct term life insurance, you can get both affordability and convenience. With this type of policy, you can compare policies online and buy your policy directly from the insurer through their website, making the whole process more straightforward.

Is Direct Term Life Right For You?

There are some advantages to direct term life insurance, including:

Quick and easy coverage– If you shop online, you can purchase life insurance quickly, instead of having to make an appointment with a professional.
Convenience- Shopping for life insurance online allows you to fit the process into your schedule, and compare quotes on your time.
More options– You’ll find a huge amount of options to choose from, both in terms of life insurance companies and the policies they offer. You can find a variety of policies that are a better fit for you and your budget, depending on your age and health. And if you are not in the best of health, you can opt for policies that do not require a medical exam or medical questions.
Cheaper coverage– When you buy a life insurance policy directly from an insurer, your policy might be less expensive.

Need Help?

Direct term life insurance can save you time and money because you can find the right policy for you online, and can purchase a policy without having to make an appointment, or even talk to anyone over the phone. But, if you do want to speak to someone or have questions that need to be answered, you have the option of requesting to speak to an agent from one of the insurance companies.

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.

Is It Too Late to Get Life Insurance in Your 80s?

Is it ever too late to get life insurance? For example, what if you’re already in your 80s – would it be pointless to purchase a policy, and would you even be able to? Well, actually studies show that the typical limit set by most insurers for purchasing life insurance is around 90 years old. Buying a policy when you’re at an advanced age will probably cost more than it would if you were younger, but with that being said, it is completely possible to find simple, affordable life insurance that gives you the coverage you need, even if you’re between the ages of 80 and 85.

Why Seniors in Their 80s Purchase Life Insurance

Did you intend to buy insurance earlier in your life and never got around to it? Has something happened now that is spurring you to buy a policy? You’re not alone: there are other seniors in their 80s out there looking for policies, possibly because:

They are being encouraged to do so by family– A child or grandchild might find out that their family member is not insured, and encourage them to purchase a policy or look into buying a policy for them.
Someone close to them has passed away- The passing of a loved one or friend, especially if they have left nothing behind, might make them reconsider life insurance.
They procrastinated– We’ve all been there: everyone puts things off until the last minute at some time in their life. Not only that, but retirement might have come upon them quickly, and they might not have even realized that they were going to lose their employer-based life insurance, and they simply put off looking for a new policy.

What Options Do You Have?

If you find yourself in one of the situations above, and are looking for a life insurance policy in your eighties, you have several options:

Term life insurance is a great option because most healthy seniors over 80 can buy a $50,000 10-year term policy for around $30 a month. One thing to note, though, is that because of your age, you might not be able to renew your policy.
Guaranteed universal life is an option that is similar to traditional universal life, but this type of policy is more focused on the death benefit and length of coverage than on cash accumulation. Most companies that offer guaranteed universal life will require you to purchase a minimum death benefit of $50,000, but some will go as low as $25,000, which is why it is important to compare plans from different companies, so you can review all of your options.
Final expense insurance is very popular because it is generally available to seniors up to age 85, and can provide coverage amounts from $3,000 to $30,000, depending on the age you are when you apply. Final expense is popular because it is easy to purchase and no medical exam is required. It is usually purchased to cover final expenses like funeral and burial costs.

Need Help?

Just because you are older than most people who are looking for life insurance, doesn’t mean that you won’t be able to find an affordable policy. There are many options available that will allow you to leave some money behind for your children and grandchildren, or simply allow you to cover your funeral expenses and medical debts.

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.

Return of Premium Life Insurance

Are you looking into a term life insurance policy, but worried that you might end up paying a lot of money in premiums over the years, without your family getting any benefits in return? You might want to look into what’s known as a return of premium life insurance policy. These policies allow you to get the money that you paid during the life of your policy back, which means more money in your pocket. But before deciding if this type of policy is right for you, you need to weigh the costs and benefits.

Term Life Insurance Vs Return of Premium Life Insurance

Term life insurance policies are policies that you purchase for a set number of years, or a “term,” like 10, 15, or 20 years. If you die during the policy’s term, your family will receive the death benefit. But if you outlive your policy, and you don’t renew it or purchase a new policy, your beneficiaries will receive nothing when you pass.

This might seem like a gamble to some people, and that’s why they choose a return of premium life insurance policy. You can still get coverage for a certain amount of time, but you will get your money back if you do not pass away during the policy’s term. If you outlive the term, 100% of the premiums paid throughout the life of the policy are refunded tax-free to you at the end of the term.

In some cases, you can add a return of premium option as a rider onto your policy, but it depends on if your insurance company offers this option.

How Much Is Return of Premium Life Insurance?

Return of premium life insurance can cost hundreds of dollars more per year than a traditional term life insurance policy. You will end up paying more in monthly premiums, but you will get all of that money back when the policy expires.

black question mark — *While trying to determine which life insurance policy is best, the best thing to do is compare plans from different companies.*

Is This Policy Right For You?

Return of premium life insurance is perfect for someone who would like coverage for a set amount of time, like with traditional term life insurance, but would like to receive all of their money back if they do not pass away during the time frame that the policy is active. It can cost a lot more than traditional term life insurance, but there is a chance you will receive that money back at the end of the policy, and it won’t be taxed.

So if you can afford to pay a little extra each month, this policy would be a great fit for you. In addition, if you are younger and purchase a policy that is set to expire around the time that you plan to retire, you could benefit from receiving that chunk of money tax-free.

If you decide that this type of policy is not for you, and you’d like something more affordable, you have options! 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?

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

How To Fit Life Insurance Into Your Budget

Many people have a misconception that life insurance is unnecessary, or that it’s too expensive even if they did want to buy it. But neither of those things are true: life insurance provides your family with an important financial safety net in case of the unexpected, and it can be surprisingly affordable.

You don’t have to worry about being able to afford life insurance because there are many types of policies, meaning there is one to fit almost any budget. If you are considering purchasing a life insurance policy for your family, we can help you figure out exactly how to fit it into your budget, although it shouldn’t be too difficult, since life insurance can cost as little as $30 a month!

Is Life Insurance Possible On a Budget?

wrench with some coins in it next to a calculator — *Many people think that life insurance is expensive, but you can get an affordable plan, even on a budget.*

Many people overestimate the cost of life insurance, but you should know that there is a policy out there for everyone, and that many policies are much more affordable than you think. According to a study from 2020, 65% of people did not buy life insurance that year because they thought that it would be too expensive. Not only did they think a policy would be too expensive, but they also overestimated the cost to be 3 to 5 times the actual amount.

Just consider this example rate: a woman in her 30s can buy a life insurance policy with $300,000 in coverage or more for as little as $15 to $30 a month. It’s important to note, though, that multiple factors go into determining an individual’s policy rate, including their health, age, etc.

How To Fit Life Insurance Into Your Budget

If you want to start budgeting for a life insurance policy, you should start by tracking your spending. One way you can do this is by keeping a spending journal. Write down how much you spend every month, including in your list expenses like rent or mortgage payments, car insurance, groceries, utility bills, credit card bills, and any extras.

Once you’ve done this, if you are finding it hard to fit the premiums for your life insurance policy into your monthly budget, you can look at your journal for ways to cut any unnecessary spending. This can include little things that can add up, like daily coffee runs and online impulse buys. Making cuts can be tough, remember that life insurance can protect your family in the long run, while online shopping just takes away from what you could be leaving for your family.

paper with graphs and calculator and files — *After seeing that you can find an affordable life insurance policy, then the next step is to decide how much coverage you need.*

After determining how much money you can spend on a monthly life insurance premium, the next step is to determine how much coverage you need. If you spend a little time comparing life insurance policies from different life insurance companies. you should be able to find a great policy for a price that works for you.

And if price is the biggest issue for you, you can consider a cheaper life insurance policy, such as a term life insurance policy. Term life insurance can be cheaper than permanent life insurance, because term life covers you for a set length of time, usually anywhere from 10 to 30 years, as opposed to covering you for your whole life. You can choose the length of time that you would like to be covered for, and will pay one low fixed premium for the length of the term.

Need Help?

You should know that life insurance policies are accessible for everyone, and that there are multiple types of policies to choose from, so anyone can find an affordable policy that provides the coverage their family needs. The best way to find the policy for you is by working with a licensed agent from a top-rated insurance company. They can help you find a policy with affordable 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 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.