A term life insurance policy can give you peace of mind knowing your family will be financially taken care of in the event of your passing. If you die while the policy is active, your beneficiaries can receive a lump sum of money to help them stay afloat in your absence and pay for expenses like college tuition, car payments, mortgage payments, and more. Continue reading to find out when to get a term life insurance quote for you and your loved ones.

How term life insurance works

Term life insurance is a type of life policy with a specified end date that provides your beneficiaries with a guaranteed death benefit if you die during the term. The policy terms can span between 10 and 30 years, depending on your insurer and your financial needs.

Depending on the life insurance company, you may be able to convert your term life policy into a whole life policy or simply renew your policy when it expires. If you die after your term life policy expires, your beneficiaries will not receive the death benefit, so it’s important to figure out what your options are if you want to continue coverage.

Your life insurance premiums are based on your age, health, and life expectancy. Many life insurance companies require a medical exam when you initially apply to determine how much your premiums will cost.

When should you get term life insurance?

Here are some times in your life when getting a term life insurance policy may make sense:

When you’re young

Your monthly premium is usually based on your medical history, age, and life expectancy, so a new term life policy is typically most affordable when you’re young and in good health. As you get older and become more likely to develop health conditions that can shorten your life expectancy, your premiums may increase.

When you’re a senior

Term life insurance can be a great option for seniors with financial responsibilities who want their loved ones to be protected. If you want to replace your income or are still paying off debts like a mortgage, a term life policy can ensure your beneficiaries can cover expenses if you pass away. Additionally, some term life policies for seniors only come with a few health questions instead of a medical exam, making it easier to qualify.

When you have young children

The costs of raising children can add up quickly, from daycare to clothing and groceries. Term life insurance can alleviate those costs and help your children reach financial goals like going to college or getting their first car.  Having this life policy ensures that your children are provided for even in your absence.

When you want affordable coverage

If you’re looking for affordable life insurance coverage, term life insurance is typically less expensive than other options. This is because term life provides temporary coverage and only offers a death benefit payout if you die within the policy term. There is no cash value associated with term life insurance, so it’s simple and straight to the point.

When you have debt

A term life policy will give your loved ones the funds to pay off any debts you may leave behind if you die, including credit card debt, mortgage payments, car loans, and personal loans. A good rule of thumb is to get coverage approximately 7 to 10 times your income. With this payout, your beneficiaries can have peace of mind knowing they won’t fall behind on debt payments when you’re gone.

The bottom line

Some of the best times to get term life insurance are when you are young, a senior, have debt, or simply want affordable life insurance. Whichever category you may fall under, make sure to do your research and compare all options at your disposal. This way, you can find a term life policy that works for your budget and can give your beneficiaries added protection in case you pass away.

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