Is a 25-year term life insurance policy right for you?
As you start to consider life insurance coverage for you and your family, it’s important to find a plan that fits. At SelectQuote, we can help you consider the factors that may impact your policy needs: cost, income, age, family makeup and more. By taking a financial inventory of your current responsibilities and future plans, we can work together to determine if a 25-year term life insurance policy is right for you.
Why term life insurance?
Term life insurance is often the popular choice for life insurance, as it’s typically the most affordable option. Term life insurance gets its name from the term, or length, of the policy, which you get to choose. Length of term options are usually 10, 15, 20, 25 or 30 years.
Because everyone has different needs when it comes to life insurance, there are several types of life insurance options available. The two main types of life insurance you will encounter are term life insurance and permanent life insurance. While term life insurance is popular for its affordability, it’s a highly-considered option for additional reasons as well, including flexible payment options and variable amounts of coverage. Overall, term insurance is an easy way to design a plan that meets your unique life insurance needs.
As you consider the different term lengths available, remember that a 25-year term life insurance policy is just one option. At SelectQuote, we can help you decide whether a 25-year term life insurance policy is the right choice for you and your family.
Why should I buy a 25-year term life insurance policy?
With all the different term lengths available, you may be wondering who should buy a 25-year term life insurance policy. A 25-year term life insurance policy is often a good fit for young families and those with young children. Consider the length of your longest financial obligation, and be sure your life insurance policy lasts at least that long. Many people who buy 25-year life insurance policies are in their late 20s or early 30s, and their financial priorities often include:
- Supporting children through college
- Planning to pay off a mortgage
- Paying off debts
- Focusing on investing for retirement
While a 20- or 30-year policy may also make sense, it’s helpful to think about your plans over the next 20-30 years when making your decision. We can help you through the process of buying term life insurance and deciding which length is right for you. With a 25-year term life insurance policy, you can rest assured that your family’s plans and financial future are secure for years to come.
How much coverage do I need?
Each person has distinct life insurance needs, so the amount of coverage needed will depend on personal circumstances. Think about your current financial situation, plans and future financial goals. Then, visit our term life insurance calculator and answer a few questions to find out what amount of coverage might be right for you.
SelectQuote is Here to Help
At SelectQuote, our priority is helping you find a life insurance policy that meets your needs, goals and budget. By working with the most reputable insurance agencies in the business, we make the process quick, easy and convenient.