However, during the formative, “high risk” years in which you have dependents and debt, we recommend loading up on cheap term life. Once the children are on their own and the mortgage is paid off, you may or may not have a need for life insurance. We’d then recommend that you buy a 20-year initial rate guarantee policy. Let’s say that you estimate that your youngest will be out of college in 14 years and that your mortgage has 20 years to go. Those plans are soaring in popularity because that extra protection often costs no more or only a small amount more. Make sure to also review quotes for those life insurance plans that now offer early payouts for long term care expenses or a critical medical event such as heart attack or cancer. This conservative approach means that you’ll have coverage through the critical period of family life. If you are working and have children or a mortgage, we recommend buying cheap term life insurance to cover you until your youngest child has graduated from college or until your mortgage debt is paid off, whichever is longer.
0 kommentar(er)
