Death does not only cause sorrow. Deaths usually come with high bills and financial troubles because of the combination of the lost paycheck and the extra expenses tagged on from the funeral and hospital. The average funeral can cost as much as $10,000 or more.
This type of situation can be avoided with life insurance, but dedicating your entire life to a specific plan is not necessary. You can find 15 year term life insurance that covers you and pays those close to you in case you die.
Choosing a 15 Year Term Policy
Throughout changes in jobs and situations, you are going to need to need different policies. You need to be able to cover everything, which means children, home, significant other, expenses, and all other things that may enter your life after a few years.
A policy that lasts your entire life might not be suitable, especially when you are still expecting these types of changes. Those are more for people who have more stability, people who expect to need that same amount throughout the years. A lot of people buy 30-year term policies, but so many things can change in those three decades.
Having your first child, having more children, getting married, kids graduating college, etc. all of these things are going to drastically impact your life insurance needs. So, why would you purchase a policy that lasts 30 years, or your whole life?
Choosing a 15 year term life insurance policy is coverage that lasts for a certain amount of time in your life, allowing you to change it to whatever is suitable later.
20 Year Vs. 15 Year Term Life Policy
It is vital that you consider your specific needs for now and in the future. While one thing might be true at this moment, like several or a lack of children, things change.
You might have a child, causing you to require higher amounts, or a current one grows up and you no longer need the high amount you were paying for before. Maybe you plan to have enough money saved up that will make your life insurance policy an unnecessary expense.
There are plenty of reasons that a person may choose a shorter policy instead of a longer 30-year plan. Look at a 20-year term vs 10-year term and figure out which is best for where you are and expect to be.
This can help you to avoid surprising while still have an amount of money saved away that does the job.
What Term Policy is Best For You?
There is no need to worry about a term policy not covering you. The only difference in coverage is how long it will last, after all.
Once you find yourself in a situation where the amount received does not match the amount needed, you can change it to ensure there are no holes or that you are not overpaying for something worth much more than you need.
Since finances do play a big role in living a stable, happy life, the right insurance policy from one of the top life insurance companies makes a dramatic difference. You can be sure that you have enough money now and well into the future, and that your family and loved ones will after your passing.
Being insured is a necessity, but you need to take into account your current and future situations. If you do not think about where you may be, you might end up in an undesirable situation that does not match your financial needs.
By looking at 20 year term vs 10 year term policies, you can figure out what is right for you and have the ability to change it in the future in case your life does change.
For example, let’s say that you go with a 10-year term policy. You’ll enjoy that affordable coverage for the next decade, but after that, you lose your insurance coverage and you’ll have to reapply for another policy.
Now that it’s been ten years since your last application, your rates are going to be higher than they were before. It could be a smarter decision to go with a longer policy, but maybe you only need 15 years of coverage.
The Importance of Life Insurance
Life insurance is one of the best purchases that you can make for you and your loved ones, regardless of the term that you choose. If something tragic were to happen to you tomorrow, would your family be able to pay off all of the debts that you would leave behind? Would they be able to replace the income that you used to provide?
If you’re like most people, you have a mortgage, car payment, credit card bills, and more. All of those unpaid expenses would be left to your loved ones. That’s not exactly the legacy that you wanted to leave behind.
Life insurance will not only give your family plenty of money if you were to pass away, but it will also give you peace of mind knowing they will be taken care of if tragedy were to strike tomorrow. Before you purchase a policy, sit down and calculate all of the debts that you would leave behind. Make sure that your life insurance plan is large enough to cover all of those expenses.
The other purpose of life insurance is to replace your income. If you have family members or loved ones that rely on your annual salary, then you need a policy that will give them the funds to find another income.
Because there are so many different factors that you have to consider, picking the perfect policy for you can be difficult. There are hundreds of companies that all have different types of policies, how are you supposed to decide the one that fits your needs? You could spend hours and hours calling insurance agents, researching companies, and comparing different plans, or you can let us do the work for you.
The best way to ensure that you’re getting the lowest rates available is to receive quotes from dozens of companies before you choose one. This comparison shopping will help you save money every month, but it can be time consuming.
It doesn’t have to be, we can help. Fill out the form on the side and all the lowest quotes from the highest rated companies will come to you. You won’t have to keep answering the same questions over and over.
We will provide the best quotes based on your situation and the type of policy that you want.
Aside from helping you find the best policy and the lowest rates, we can also answer any questions that you have about 15-year term life insurance policies, whole life insurance policies, no medical exam policies, or any other questions that you have about life insurance. Our agents are experts on the life insurance field and can help you make well-informed decisions to protect you and your family against whatever life is going to throw at you.
