When it comes to life insurance in Ohio, custom-fit is always so much better than cookie cutter. That’s because all of your plans, including kids, likely retirement age, debt, mortgage balances and more, all play into how long you need insurance coverage.
What is the term length?
Term life insurance is one of the easiest and most affordable types of life insurance in Ohio. This type of policy provides coverage for a set period of time, usually 10, 15, 20, or 30 years.
The amount of coverage and term length you select will have a direct effect on what your monthly or annual premium will be. And while your financial condition will decide what amount of term life insurance coverage you should buy, factors such as the age of your children, how much is remaining on your mortgage, and the amount of your debt will help determine the term length.
So, is 20-year term life insurance in Ohio right for you?
If any of the following statements pertain to you, the 20-year term length may be your best option.
You have young children. Life insurance is there to help make sure your loved ones are provided for in the event of your death. Many parents hope to support their children financially into young adulthood or pay for their college expenses. If your youngest child is a toddler, you have about 20 years before he or she graduates from college.
You have less than 20 years to make mortgage payments. A life insurance policy that covers the remaining amount and term of your mortgage can help your partner keep affording the mortgage.
You have debts that will be paid off within a 20-year timeframe. Depending on the type of debt you carry and your state’s laws, your partner may be responsible for paying the debt that is left behind. These debts often add up to a sizable bill for the surviving family to handle alone.
You’re retiring within 15 or 20 years. Sometimes a life insurance policy becomes less important once you’re no longer supporting a family. If your children are financially independent and your spouse or partner could live comfortably on their own, a life insurance term longer than 20 years might not be needed.
You expect to be self-insured in 20 years. One of the greatest advantages to term life insurance in Ohio is that it holds you over until your safety net is in place, for a potentially very low cost.
You’re on a tight budget. Balancing long-term protection against immediate requirements can be a challenge for families on a strict budget. A 30-year term length will provide more extended protection, but the annual costs can be considerably higher.
A 20-year term life insurance policy can save you money over other options – such as a 30-year term length – which might be part of the reason why 20 years is the most popular term length. It’s is a solid choice for many families and can be part of a well-planned financial future. Obtaining the coverage you need is a solid goal to keep in mind when researching insurance policies.
If you have questions regarding which term length of life insurance in Ohio is right for you, contact us today. We’ll help you get the insurance you need at the right term length to keep your family protected.