Life Insurance FAQ
Buying life insurance can be a complex and confusing decision. For many people the challenge of planning for the unknown while staying within a budget can leave heads spinning. Fortunately, we've taken our years of industry experience and pulled together some of the most frequently asked questions regarding life insurance. If you have a question that is not included in this section, call our life insurance specialists at 1-800-521-7873.
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| How long of a term should I select? |
| The secret to buying the right term policy length is figuring out how long you need to be insured. The priority is estimating how long those you support will need your financial help. Parents of young children should buy coverage that protects the kids at least until they’re out of college, say age 22, so that’s about a 20-year term policy. If you want to cover a spouse for your lost income until the normal retirement age of 65, and you're only 35 now then you would want to lock in a level-term 30-year policy, where the rates don’t change as you age. Insurance gets more expensive as you age so the younger and longer you buy the better. |
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