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The Pros And Cons Of Longer Terms For Life Insurance

Generally, the younger you are, the longer you should commit to term life insurance. This could mean 15-, 20- or 30-year terms.

The longer the term you select, the higher your rate may be. But remember, your rate is guaranteed to stay the same throughout the term of your policy. If you bought a 10-year term and another one when the initial policy was up, you would have saved significant money by buying a 20-year term in the first place.

When determining how long a term you need, consider the following:

  • How many years are there until your last child finishes college?
  • How many years are there until your assets will be large enough to protect your dependents without term life insurance?
  • How many years are there until your mortgage and other large loans are paid off?

Some life insurance companies now offer Return of Premium (ROP) policies. With these plans, your term life premiums are refunded (without interest) at the end of your 10-, 15-, 20-, or 30-year term so long as your policy is still in force. There are other conditions that you should discuss with a SelectQuote licensed agent, but ROP might be an excellent choice for you.

For impartial answers to any questions about term life insurance, call a SelectQuote licensed agent. He or she will also match you with the right combination of quality and price from the companies we represent.

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