How long should my term life insurance be?
When purchasing any life insurance policy, you should consider:
- how much coverage you need (i.e., your financial obligations and debts);
- how much you can afford (i.e., the more coverage you have, the higher your premium will be); and,
- how much you qualify for, which is dependent on factors such as your age, health and more.
When it comes to term life insurance, insurers typically offer set terms of 10, 15, 20 and 30 years. You can renew your policy at the end of a term, but depending on your personal circumstances and health, your rates may increase.
Contact us and one of our expert life insurance brokers can advise on the best option for your unique situation.
What does life insurance cover?
Life insurance covers you in the event of death. Disability insurance and critical illness insurance are separate policies, although they may be bundled with a life insurance policy.
While many causes of death are covered by life insurance, many insurers will not cover you for death due to pre-existing medical conditions, reckless endangerment or while you’re visiting a restricted country; some insurers also do not cover death by suicide.