When to Get Term Life Insurance?

Many people buy a term life insurance policy when they get married, buy a home, or start a family.

These are excellent times to buy term life insurance, because you can make sure the financial obligations of your home and family do not become a financial burden for your survivors if you were to die unexpectedly.

While term life insurance is most affordable while you are young, people buy term life insurance plans at all ages and phases of life to meet specific financial objectives for the ones they love.

For example, some choose to buy life insurance if they have accumulated credit card debts, or are concerned about leaving their family members with unpaid hospital bills and funeral expenses.

You may want to try to buy your term life insurance at the youngest age possible. The cost of a life insurance policy increases with age, particularly if you develop any health problems.

Once you buy your life insurance policy, your premiums are typically guaranteed for the life of the term, which is similar to locking in your mortgage rate. Term life offers level rates for a period of 10, 15, 20 or 30 years, usually. Note that you can lock in your premium rates if you buy guaranteed renewable term life, but not if you buy annual renewable term life insurance. Learn more about term life coverage