Should you purchase term life insurance? If you want to save money, while having the calming sense of support in case something happens, the answer is yes. But, the biggest question is, "How long do you need to be insured for?" If you find yourself wondering about term life insurance, here are a few tips to help you decide what length of term life insurance is right for you.
If you are a parent, think about how long it will be before your children will be on their own. Your children's health and your age also factor in to the decision. Further, this depends on whether or not you are planning on your children going to college. If you have young children, also factor in the possibility of adding more children to your family.
Your mortgage, college debt, loans and all other big financial obligation determine how much money you are held to. If you know your house won't be paid off in 10 years, a 20-year policy might be appropriate for you. A longer plan might not hurt you, and a little cushioning is a safe way to go.
If you are married, you should base your policy on both of your ages and life expectancies. Married couples should look at both families' medical histories to determine their appropriate length of term life insurance. Also remember that insurance doesn’t replace retirement, and you need to save for that as well.
Whatever your situation is, or if you need to consider all three above, a longer plan is always the safe bet. Consider all your options, and talk to family members, and an agent from The Mutual Fund Store Life Insurance to see what plan is right for you.
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Term Life Insurance products are offered through TMFS Insurance Agency LLC, a separate company, affiliated with Financial Engines Advisors, L.L.C. (FEA), in states where licensed. TMFS Insurance Agency, LLC is under common ownership with FEA. Each entity is its own separate entity that provides services for its client independent from the other.