Buy Level Term Life Insurance

Which Level Term Policy Suits You Best?

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Let's take a look at level term life insurance policies. Let us examine their function and why you may select a level term policy.

When you set out to buy a life insurance policy you do so because you feel you need to protect someone who depends on your income. This could be your spouse, your children or both. The need for coverage usually lasts for a while so you want to be assured that your coverage lasts for as long as there is a need.

Let us look at some of the more sought after level term policies and see how they would help secure the future of each of your loved ones.

• 5 Year Term

  Let us suppose you have an outstanding loan that you are paying off over a 5 year period or a shorter period. You don't want to leave this bill for your loved ones to pay if you should suddenly die, you would buy a 5 year level term policy to take care of that.

  Suppose, on the other hand, you are paying for one of your children or grandchildren to go through college. As you would want to guarantee that this child would not need to leave school because of lack of funds you could buy a 5 year term policy on your life. Incidentally, the premiums are very inexpensive.

• 10 Year Term

  You could use a 10 year level term life insurance policy if you want to protect dependent children but you know they will be on their own within a 10 year period. You could also use this policy to fund a buy sell agreement for a business partnership or a corporation. These premiums are a little more than those of the 5 year term but are still quite inexpensive.

• 15 Year And 20 Year Term

  15 year and 20 year term policies are bought for family protection and business needs more often than not. The 20 year policy is the most popular as it can be kept for a longer period of time.

• 25 Year And 30 Year Term

  The children will graduate college soon and hopefully they will be on their own. You and your spouse have done a pretty good job raising them. You do, however, want to be assured that your spouse is okay if you should die before him or her. A 25 year or 30 year policy would help.

  It may be wise to convert this or any other term policy to a permanent type policy just in case you find that you need life insurance for a longer period of time.