How long should I have life insurance?
You can usually buy term life insurance for a term lasting 10, 15, 20, or 30 years, with some insurers offering coverage for up to 40 years. Determining the coverage duration of your life insurance depends on various factors such as your dependents, income, and outstanding debt. If you just bought a house or have other debt, get a coverage length that matches how long you plan to spend paying off the loan. If you have young children, consider life insurance coverage that lasts until they'll no longer be dependents.
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What does life insurance term length mean?
Term length refers to how long your term life insurance policy provides coverage. For example, a 10-year term life policy would pay out to your beneficiary if you were to die at any point in those 10 years where your policy is active. If you were to die after the 10-year term, your policy would be expired and wouldn't pay out.
How long should my term life insurance last?
The term length of your life insurance should be based on your family's dependency on your income. So, consider your age, debt obligations, and your family's needs when deciding how long you need coverage:
Your age
Your age can be a helpful indicator of how long you'll be providing your family with an income that would need to be replaced if you passed. If your beneficiaries rely on your income, consider a policy that lasts until you plan to retire — or until you plan to have enough in savings and investments for your family to be secure without your income.
Keep in mind that older age comes with a higher risk of health issues, so your options might be limited to shorter term lengths if you apply for a policy at an older age. If you do qualify for a longer term length when applying at an older age, note that your age combined with the longer term length will cause the policy to be more expensive.
Your mortgage or other debt
A life insurance policy should last at least as many years as you plan to spend paying off your mortgage or credit card debt. This can protect your loved ones from being responsible for your debts if something happens to you.
Your children
If you have young children or plan to start a family, term life insurance of 25-30 years or longer can offer security to your family. If something happens to you, your policy could help provide for your children until they're through college or out on their own.
Pro tip:
Outstanding debt doesn't go away when you die. If you had a co-signer on your loan, they would be responsible for paying what's owed. Otherwise, the debt will be paid from your estate, reducing the amount you could pass on to loved ones and potentially burdening them with unexpected costs
What happens if my term length expires?
Once your term expires, your policy no longer provides coverage. If you still need coverage, you will have to apply for a new life insurance policy, which means going through the underwriting process again. One way to avoid this scenario is to add a whole life conversion privilege or rider to your term life policy. This feature allows you to convert your term life policy to a whole life policy, giving you lifelong coverage that won't expire.
Why should I consider a longer term length?
Choosing a longer life insurance term length offers specific benefits:
- If you plan to need coverage until you're 40 or older, you can take advantage of the lower rates you'll receive by purchasing a term policy when you're as young as possible
- If you plan to take on debt later in life, you may get better rates now on a longer life insurance term length than you would on a shorter term length when you're older
How to get life insurance with Progressive
You can get a life insurance quote online. After answering some questions, you'll choose a coverage amount, term length, and other policy details. You can also call 1-866-912-2477 to speak with a licensed representative from Progressive Life by eFinancial who can help you find the right policy for you.
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