What Should I Consider When Buying A 20 Year Term Policy?
Asides from income replacement you will want to ensure that your family isn’t burdened with death and funeral expenses.
You also have to consider that if just bought a home than you will need life insurance to cover the cost of the outstanding mortgage. Although the banks and other mortgage lenders do sell mortgage insurance, they will be the ones who will be the named beneficiary, not your family.
Term life insurance proceeds are paid as a lump sum and go directly to your named beneficiary. The beneficiary should be a specific person, so don’t name you beneficiary as your estate because otherwise the proceeds could become taxable. The proceeds will be paid tax free to your named beneficiary.
You should also consider your outstanding debts such as what you owe on your credit cards and any personal loans because they still have to paid off should you die.
Also, if you operate your own business than you want to make sure that all your outstanding business expenses and obligation are covered so term life insurance is also ideal should you be between 41- 45 years of age as that will likely carry your through until your retirement.
You may also want to ensure that your children have enough to pay for their tuition or even to leave a financial legacy to your family.
What if I Have Health Issues?
If you have recently been diagnosed with a potentially life threatening ailment, and are wondering if you can still buy a 20 year term policy, then yes, you can but it will cost more you more.
Don’t give up hope because I specialize in finding policies for those whose health is not the best. There are a number of options you can consider, so your best bet is to call me so I can advise you of what’s available for someone who has a particular life threatening illness.
Use an Independent Agent to Find the Most Affordable Policy
You always want to talk to an independent agent like myself. We can access and research dozens of companies so you are assured we will find the best policy at the most affordable rates. If you have health concerns, don’t let that dissuade you because we can give you valuable advice and help you to find a policy that suits you.
Whatever your needs or questions then please call me direct at 877 – 966 – 9383.