How Long Should I Have A Term Life Insurance Policy For?

Photo of author
Written By Charlotte Miller

Term life insurance policies are an important financial tool for anyone who wants to provide financial protection for their loved ones in the event of their untimely death. But how long should you have a term life insurance policy for? The answer to this question depends on various factors, including your age, health, financial situation, and family situation.

What to consider when choosing a term life policy

First, it’s essential to understand that term life insurance policies are designed to provide coverage for a specific period of time. Typically, term policies last 10 to 30 years, although some may be shorter or longer. During this time, you pay regular premiums to the insurance company. In exchange, they promise to pay a death benefit to your beneficiaries if you pass away during the policy term.

One of the main factors to consider when deciding how long to have a term life insurance policy is whether you have dependents who rely on your income. For example, if you have young children, you should have a policy that lasts until they are grown and financially independent. This could mean choosing a policy with a 20- or 30-year term.

On the other hand, if your children are already grown and financially independent, you may not need as much coverage or as long of a term. In this case, a shorter policy with a 10- or 15-year term may be sufficient to cover any outstanding debts or final expenses.

Another factor to consider is your overall financial situation. Suppose you have a lot of debt or financial obligations that would be difficult for your beneficiaries to handle without your income. In this case, you may want to opt for a longer policy term. However, if you have significant assets or savings that could pay off your debts and cover your final expenses, a shorter policy term may be more appropriate.

Your age and health are also important considerations when choosing a term life insurance policy. Generally speaking, the younger and healthier you are, the lower your premiums will be. If you’re in your 20s or 30s and in good health, you may be able to get a longer policy term for a relatively low cost. If you’re older or have health issues, you may need to choose a shorter policy term or pay higher premiums.

How much do term life insurance policies cost?

The cost of term life insurance policies can vary widely depending on factors like your age, health, gender, lifestyle, occupation, and the length and amount of coverage you choose.

Typically, younger and healthier individuals pay lower premiums than older and less healthy individuals. Additionally, longer-term policies and higher coverage amounts usually come with higher premiums.

It’s always a good idea to compare quotes from multiple insurance providers and use a term life insurance calculator to find the best policy and premium that meets your needs and budget.

Bottom Line

The length of your term life insurance policy will depend on a variety of factors, including your age, health, financial situation, and family situation. Ultimately, working with a trusted financial advisor or insurance agent is important to determine the right policy term for your individual needs and circumstances.

Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.

Term Life (B60000 series) In Arkansas, Idaho, Oklahoma, Pennsylvania, Texas, & Virginia, Policies: ICC18B60200, ICC18B60300, & ICC18B60400. These policies are not available in Delaware, Oregon, New York. Group Term Life (Q60000 series) In Delaware, Policies Q60200C. In Arkansas, Idaho, Oklahoma, Oregon, Texas, Policies ICC18Q60200C, ICC18Q60300C, ICC18Q60400C These policies are not available in NY, PA, or VA. Coverage may not be available in all states. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations and exclusions. For complete details, including availability and costs, please contact your local Aflac agent.

Aflac insurance coverage is underwritten by Aflac. In New York, coverage underwritten by Aflac New York.

Aflac | WWHQ | 1932 Wynnton Road | Columbus, GA 31999

Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, New York 12211

Senior PR & Corporate Communications contact: Angie Blackmar, 706-392-2097 or [email protected]