Buy “term life insurance” is simple and costs practically no money at all. According to a report, a 45-year old man can get a $500,000 level term policy with a coverage period of 20 years and only pay about $50 a month.
Term life insurance is often the most affordable coverage because it offers protection for a specific number of years. You may want to purchase a term life insurance policy to:- Get valuable coverage at an affordable price
- Help cover specific financial responsibilities like a mortgage or college expenses
- Supplement a permanent policy or work policy
Women’s coverage is even cheaper because
they generally go to the doctor and take care of themselves! If a
stay-at-home spouse is a woman, you generally want to buy a level term
policy for 15 or 20 years, depending on the age of your children. So
people choose buy term life insurance.
Here are some pointers to keep in mind as you look around for level term coverage:
- How much life insurance do you need? The simplest rule is 10 times your income.
- Only buy life insurance where you work if you have health problems. Otherwise, I prefer you to qualify and go through medical underwriting so you can buy a policy on your own. Most of us don’t stay at the same place forever and you may not have a right to take that insurance with you.
- Stay-at-home spouses who care for children should have insurance too. They have an “insurable need” because you’d have to pay someone to care for your children in the event a spouse or partner dies.
