Longest Term Limit for Term Life Insurance?

By and large, all Americans want to be independent while at the same time caring of others, especially our loved ones. That’s why those of us with spouses or partners as well as children get life insurance. We do this so that they can have something to protect themselves with should we pass away unexpectedly. After all, what is the alternative? If you’re the main bread winner in the family, and you die without life insurance, they could be left with no income and owe large amounts of debt. So, to make sure that this unhappy fate does not befall our loved ones, we get life insurance. One popular form of life insurance is called term life insurance, which is life insurance that can be bought in specific increments of time.

People who get term limit life insurance may not have the money to buy whole life insurance, which is life insurance that covers a person’s entire life. With term life insurance, you can get life insurance for periods as short as one year. This approach makes sense for younger people, and people who can’t afford to buy whole life insurance. For instance, you may have two little kids under the age of 5. So, you want to be sure you’ve got life insurance for them if something happens to you. You may opt to buy term life insurance for 10 years, so that their most vulnerable years would be covered should something unexpected happen to you. If it’s all you can afford then at least you know your kids will have something to protect them until they’re old enough to stand on their own two feet. The longest term limit to term life insurance is generally 30 years.

To learn more about term life insurance, and the longest term limits for term life insurance, be sure to consult with a financial advisor. He or she can walk you through the pros and cons of life insurance, term life insurance, whole life insurance, and other insurance policies to determine which one is best for you.

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