How long should your life insurance last?

If you have a loved one who you want to support financially if you pass away, then Life insurance can be a good option. With these principles, your Beneficiary You get a payout if you die within the coverage period. They can then use that money for general living expenses Pay off your remaining debt Or medical bills, or anything else they might need in your absence.

Term life insurance This is just one of the many types of life insurance you can choose from. With these, you get coverage for a fixed period – usually five to 30 years. This allows you to choose a coverage length that best meets your goals and financial needs. But which term is right for you? Below we break down the options.

If you’re in the market for life insurance, get started now by getting a free price quote.

How long should your life insurance last?

Here’s a look at the different coverage terms you can typically get with a term life insurance policy and when it might be smart to get each.

5 years

Aside from annuity insurance, which you must renew year after year, this is the lowest amount of term life insurance coverage you can typically purchase. This can be smart if you have a short-term loan that you want to make sure can be paid off when you die (like a car loan), you’re retiring soon, or if you have a teenager who will be graduating high school in the next few years. or college.

10 years

A 10-year term life insurance can be a wise choice if you have small debts to pay off, you have grown children, or you are approaching retirement. It can also be smart if you plan to get married soon, as it can cover you and your soon-to-be spouse until you have children (when you want to renew with a longer and larger policy).

You can get a free price estimate now so you know exactly what to expect

15 to 20 years

Longer, 15- to 20-year term life insurance policies can be good for new parents or parents of young children, as it covers the policyholder until their child graduates or is a self-sufficient adult.

These policies can also be good options if you’re caring for aging parents, you’re in the middle of your career (and some distance from retirement), or if you have a mortgage loan that has 15 to 20 years left.

30 years

This is usually a long-term life insurance policy that you can purchase, and if you are buying a home (with a 30-year mortgage loan), you are early in your career and the breadwinner, or you have a lot of student loan debt. If you are planning to have children in the near future, you can also opt for this coverage length.

Remember that long-term policies will cost more than the short term, so make sure you budget properly Monthly premium.

You can easily start exploring the different terms and costs with Haven Life or use the table below to review your options now.

Choose the right insurance for you

These are just general recommendations, and the exact term life insurance policy will vary from person to person. You can explore other Types of Life Insurancelike Whole life insurance or variable life insurance. If you are not sure what is the best life insurance type, term or what Amount For you, seek guidance from an independent insurance agent or financial advisor in your area.