How to choose the protection period?
How to choose the protection period of the term life insurance? When considering term life insurance, the first question that arises is what is the appropriate period of time, considering that most insurers offer 10, 15, 20, 25, or 30 years of protection.
To resolve this question, it is best to consider what risk we want to protect.
For example, if someone just signed a 30-year mortgage and wants her family to be protected in the event of his or her death, the recommended protection period is 30 years.
There are people who use term life insurance to have their family insured for the period of their active working life. They take the insurance for the years remaining until retirement, 20 or 25 years.
Another scenario is when someone has a school-age child and seeks to ensure a stable financial environment for their child until they finish college. So the recommended term is 15 or 20 years.
The other typical case is when people start working and have not yet managed to build their financial independence, they do not have emergency savings and, if the worst were to happen to them, their family would be totally unprotected. So, they opt for term life insurance for 10 or 15 years, while achieving that stability that would protect their loved ones.
The best thing about term life insurance is that the monthly premiums are cheaper, generally, they do not involve a medical examination to hire them, the amount of the monthly premium will be the same during the life of the contract and the death benefit is tax-free. How to choose the protection period of the term life insurance?
Call Univista Insurance and purchase the cheapest term life insurance on the market that will guarantee the best protection for your family in the event of your absence.