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Looking for term life insurance? We can help you figure out the term and policy that’s right for you.

A young woman at her dining room table reads how to choose the right term life insurance policy

How do I choose the right term life insurance policy?

Term life insurance policies have a start date and an end date and typically the number of years are either 10, 15, 20, 25 or 30 years. Term life insurance is attractive for a number of reasons, but the top three are:

1. Affordability

Many people are surprised by how affordable term life insurance can be. For example, a 40-year-old male in great health could receive a half million dollar policy for about $19/month and a 40-year-old female in great health could receive a half million dollar policy for about $17/month.* And even if you have a health condition or have been quoted sky-high rates by others, we specialize in finding coverage others can’t.

2. No Surprises

With most term life policies, the monthly premium cost is fixed and never changes, making it easy to budget.

3. Tax-Free

Upon your death, the benefit received by your beneficiaries will not be taxed.

With lower insurance rates and transparency, it’s easy to see why term life is the most popular life insurance option. Though it comes with “an expiration date,” it’s a very economical way to gain financial peace of mind for you and your family. Like car or health insurance, you hope you never have to use it, but it’s comforting to know the benefits will be there for your loved ones if the worst-case scenario happens.

Deciding Which Term Life Length is Best for You

If you’re asking yourself “how much term life insurance do I need?” consider these three points:

How Much You Can Afford

Does your current situation warrant buying a longer term or is it more important for you to save money at this time and review your needs at a later date? Remember, life insurance is usually less expensive when you are younger, so it’s wise to secure more coverage sooner rather than later.

Who depends on your financial support?

You don’t buy life insurance for yourself, you buy it to protect your loved ones and others who might take a financial hit from the loss of your income. This could include a spouse, children, extended family, business partners or people who’ve co-signed on loans. The more dependents you have, the more coverage you should consider.

Immediate vs. Future Financial Needs

Purchasing life insurance at a younger age can often be financially beneficial, so ensuring your future needs are covered sooner than later can potentially save you money in the long run. For example, you may want to safeguard paying for a future college education for your toddlers, ensure your spouse can pay off a home loan and make sure your final expenses will be covered in the event of your passing.

We work with more than 10 of the most trusted life insurance providers and can offer unbiased guidance while comparing prices and policies for you. Term life insurance can often be the most straightforward type of life insurance you can buy, but you still want to make an informed choice—we can help you do just that.