Is a 30-Year Term Life Insurance the Best Solution for You?

March 2, 2023

Term Life Insurance is a particular form of life insurance that you could get for a specific term. Life insurance provides for your loved ones after you pass, ensuring they have the necessary resources to lay you to rest and financially recover from the loss of income. As crucial as life insurance is, finding the right policy can be challenging due to the many options. Which type meets your needs? With its many benefits, the answer may be term life insurance.

What Is Term Life Insurance?

Figuring out what life insurance is best for you starts with analyzing your needs. How much money will your family need? How long do you need the policy to last? How much can you afford to pay?

Term policies are some of the most straightforward life insurance options: You pay a monthly premium, and if you pass within the allotted term in eligible circumstances, your beneficiaries receive a payment. You don't have to worry about investments since your loved ones receive one lump sum.

Term policies come in 30-, 20- and 10-year terms. Once they end, you must apply for another.

What Are the Benefits?

One of the best things about term life insurance is its affordability. As essential as life insurance is, adding a monthly premium can stretch your budget. Unfortunately, this leads many people to forgo this safeguard.

Choosing a term policy provides coverage without breaking the bank. As a result, you can take care of your family's future without compromising on current financial needs.

Additionally, simplicity means you know how much money your beneficiaries will get and how they'll receive it.

How Does It Differ From Lifetime Life Insurance?

Lifetime life insurance is like it sounds: a policy covering your whole life. You can purchase a policy at 20, and your beneficiaries will receive a payout whether you pass at 50, 70, or 100 as long as premiums are paid. Additionally, it provides cash value, which you can borrow against during your lifetime. For example, you can take a loan to cover unexpected medical expenses.

The biggest downside, however, is the cost. Some people aren't able to pay the higher premiums early in life.

Who Should Get This Insurance?

30-year term life insurance policy can greatly benefit the following:

  • Individuals trying to pay down debt
  • People interested in buying a house and having a mortgage
  • Individuals with young families

What Is the Term Life Insurance Buying Process?

The life insurance buying process is more comprehensive than auto or homeowners policies. Your life expectancy plays a significant role in determining rates, so the company will want to know a few things about you:

  • Pre-existing conditions
  • Vitals
  • Age
  • Financial Health
  • Lifestyle and Health
  • Job
  • Medical history

Depending on the result and the amount of life insurance you wish to purchase, you may need to undergo a medical examination when you apply. While these life insurance requirements can be time-consuming, the results are often in your favor. Some companies offer policies without a medical exam, but the premiums are higher because the business is taking on greater risk.

About 1891 Financial Life

At 1891 Financial Life we don’t just sell policies, we offer possibilities. We pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.

Our portfolio is extensive, ranging from various life insurance policies to our annuities to support your financial needs no matter what stage of life you’re in.