Why buy 30-year term life?
A 30 Years Term life insurance policy makes sense for several situations:
- You have recently gotten married.
- You are having a baby or recently had a baby.
- You have a young family.
- You recently purchased a home with a mortgage.
A lot of mortgages are for 30 years.
If something should happen to you, the life insurance policy will help cover your remaining mortgage payments and ease the financial burden left behind.
You Need Life Insurance When You Start a Family
You probably already know this one. It’s a no brainer.
However, just as a reminder, if you have gotten married recently or are planning on becoming a parent in the next five years, you need to make sure your family members will be taken care of if something should happen to you.
If you are planning on having kids in five years or so, a 20-year policy probably isn’t going to cut it.
Besides, many young people these days in their early 20s are still dependent on their parents due to the economy, and you don’t know what things are going to be like in the future for your kids.
You Are Not Likely to Die in Less than 30 Years
To be perfectly blunt, some people will die within 20 or even 10 years, but if you’re like most people considering term life insurance at this time, you won’t. Many people who are, say, 50 years old decide to go with shorter policies for the sole reason that these policies are cheaper than 30-year ones.
However, consider the fact that the average lifespan in the United States is late 70s to early 80s, with many people exceeding that.
If you get a 30-year policy when you’re 50, that will insure you until at least age 80. Now, it is true that not every life insurance company will insure people until their 80s, but there are some that do— like Transamerica.
We work with over 60 different life insurance providers (including Transamerica), so we do have different options you can look at.