How Do You Buy Term Life Insurance?
• Decide the term, or period of time, for which you want to buy the insurance coverage. This can range from 1 year to up to 30 years. • When deciding the term of your policy, if you have children, take into consideration how many years your children will be living with you and under your immediate care. Another consideration is how many years it will be until you can use your retirement fund. • Consider that with term life insurance, if you live past the length of the policy, you and your family members will not receive any money back. • Determine the dollar amount of coverage that you need when you look to buy term life insurance. You should have enough insurance to meet your needs. The goal is to provide enough money for your beneficiary to maintain the current lifestyle. • Consider having enough term life insurance coverage to replace 5 to 7 years of your annual income. • If you have a high amount of debt, or if you have children that are still young, you should consider having enou
