life term insurance quote

You may have less life insurance options as a senior due to your age and current health. There aren’t any restrictions if you’re younger than 70 and in good overall health. As some insurers have restrictions on the age that can purchase a specific product, it may be necessary for you to look at a larger range of companies.

More than 50% of Americans overestimate the cost of insurance and put off buying a life insurance policy as a result. In a study by LIMRA, research, consulting, and professional development organization for financial services, and Life Happens, a nonprofit focused on providing unbiased education around insurance options, 44% of millennials estimated that a 20-year term policy would cost $1,000 or more per year. By contrast, the actual cost of the policy was approximately $165/year.

With the most extended term available, a 30 year term life insurance policy is a smart option for young people in various situations. When you apply for term life insurance, you decide how long the procedure will last. Typical terms are 10, 15, 20, or 30 years. With the most extended term available, a 30 year term life insurance policy is a smart option for young people in a variety of life situations, including:

Term life is a temporary policy that covers a limited period of time and is typically less expensive than permanent insurance. This makes it a great choice for young families who are looking for coverage for unforeseen circumstances. You can purchase a policy that covers the years your family depends on you financially, and then lower your coverage when you become independent.