If you are currently considering purchasing a life insurance policy, then you may be wondering how long of a term to choose. With so many different options available, this can seem rather daunting. Besides, who wants to talk about death? It sucks.
Unfortunately, we need to! While it can be unpleasant, purchasing life insurance at the right time can protect those you love the most. With that being said, this blog post will discuss how you can select the right term length for your life insurance policy.
Age & current health affect your life insurance policy length
There are various factors to consider when choosing the right length of time for your life insurance policy. However, most notably, you should take note of your current age and health situation.
For example, if you are currently over sixty or have various underlying health conditions, then you may not require as long an insurance policy as others. This will save you money, allowing you to enjoy the present more.
We know this can be upsetting choosing your life insurance length. However, being honest and how long you require realistically improves the situation for the future generation. And for you, too!
What is your current life situation?
Second, you need to consider your current life situation. No two life insurance policies are the same due to this reason. For example, if you have kids, or are planning on having children, you likely want a longer policy to at least cover until they are young adults, able to look after themselves.
The same applies to a mortgage. For example, if you are paying your mortgage off for the next twenty years, then you want a policy that is longer than this. In the event of your death, this provides cover to protect your mortgage, ensuring the payment is not passed down to a partner or other family member.
If in doubt, speak to a life insurance policy specialist
Finally, we know talking about life insurance and figuring out the best length policy can be daunting, confusing, and uncomfortable. Therefore, for further support, we recommend talking to a life insurance specialist, such as the team at Professional Plans. We can help narrow down how long of a policy you need, answer any burning questions you may have, and fill you with reassurance that you are making the right decision!
To find out more information or to get in touch today, click here.