Call Us (915) 599-2900 ☰ ˟
Logo
El Paso - (915) 599-2900 San Antonio - (830) 360-8660
  • Home
  • Online Quote
    • BusinessImage of right arrow
      • Commercial Quote
      • Workers Compensation Form
    • AutomobileImage of right arrow
      • Instant Auto Quote (Quicker Results)
      • Manual Auto Quote (Better Pricing)
    • HomeownersImage of right arrow
      • Homeowners Quote
    • Life & HealthImage of right arrow
      • Life Insurance Quote
    • BondsImage of right arrow
      • Bond Form
    • Contractors
  • About Us
    • About Us
    • Our Pillars
    • Mt. Franklin Insurance In The News
    • Testimonials
    • Contact Us
    • Careers
    • Important Links
  • Blog
  • In the community
  • Español
    • Cotizaciónes en linea
    • Líneas Comerciales
    • Líneas Personales
    • Seguros de auto
    • Seguros de salud y vida
    • Seguro para propietarios de viviendas
  • Make a Payment
Home > Blog > Choosing the Correct Term Life Insurance Policy Length
TUESDAY, SEPTEMBER 8, 2020

Choosing the Correct Term Life Insurance Policy Length

Choosing the Correct Term Life Insurance Policy Length  

When you buy life insurance, you probably have an idea in mind about where you want your policy to go. You might want to use it as a vessel to provide money to loved ones for specific purposes. As a result, you might only want your coverage to last for a certain number of years. If that is the case, then a term life insurance policy might be your best bet. The challenge, however, is how to choose the right term that works for you. Here’s how to do so. 

 

What is Term Life Insurance?  

Many people buy life insurance with a specific idea in mind. For example, parents with young children might want the plan to pay for the child’s college tuition if the parent pre-deceases the child. As a result, they might only want their policy to last for a certain number of years. Term life insurance is the way to get this coverage. 

Term policies offer full death benefits to beneficiaries. However, they include a start date and an expiration date. If the insured person dies while the policy is active, then the beneficiary can file a claim for the death benefit. But, once the expiration date passes, the policy simply goes away. 

The question you might ask yourself, however, is for how long you want a term policy to last. The answer usually has a lot to do with your objectives for the policy. 

 

 Choosing the Correct Policy Term 

Most term life policies come with standardized term options. For example, these might be 5, 10, 20, or 25-year terms. The one you choose will determine the term length.

You can often change the policy term later or convert the term policy into a permanent policy. Depending on how you want to use the policy, you might need a shorter or longer term.  

For example, most people enroll in life insurance upon having a child. They might feel like they need this policy only for as long as the child is a minor. As a result, they might choose a 20-year term. If the policy begins while the child is still a baby, then it will remain in effect until they are at least 20 years old. As a result, if you die at this time, the child’s inheritance, lifestyle, and care needs can have coverage. The policy can then terminate once the child is on their own. 

When buying your term life policy, tell your agent where you want the money to go. They can then help you arrange the policy’s term to make sure it goes directly to that purpose.

 Call us today at (915) 599-2900 or visit www.MtFranklin.com to see how we can help you.

 

 

Posted 5:00 AM

Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2022
  • 2021
  • 2020

  • mt franklin insurance(34)
  • el paso(31)
  • insurance(26)
  • tx(15)
  • commercial insurance(14)
  • business insurance(14)
  • homeowners insurance(11)
  • local insurance(11)
  • home insurance(10)
  • auto insurance(9)
  • homeowners(8)
  • car insurance(8)
  • house(7)
  • house insurance(7)
  • local business insurance(5)
  • home(4)
  • life insurance(4)
  • life and health insurance(4)
  • business(3)
  • driving(3)
  • bop(3)
  • car(3)
  • commercial(3)
  • local commercial insurance(3)
  • auto(3)
  • property insurance(3)
  • business owners policy(3)
  • mtfranklininsurance(2)
  • water damage(2)
  • elpasoinsurance(2)
  • life(2)
  • commercial insurance in el paso(2)
  • local auto insurance(2)
  • bop's(2)
  • health(2)
  • cheapinsurance(2)
  • health insurance(2)
  • local car insurance(2)
  • business & commercial auto(1)
  • fall risks in business(1)
  • homeowner(1)
  • auto insurance premium(1)
  • homebuyers(1)
  • family(1)
  • insured vehicle(1)
  • pets(1)
  • liabilityinsurance(1)
  • rain damage(1)
  • homeowners policy(1)
  • accident(1)

View Mobile Version
Logo

El Paso: (915) 599-2900
San Antonio: (830) 360-8660
Fax: (915) 921-5550
E-mail: Info@MtFranklin.com


icon a drawing of a face a drawing of a face
© Copyright. All rights reserved | Powered by Insurance Website Builder