Life in Astoria, OR, has its moments. That’s for sure. As great as things can be at times, it can be hard to settle down and consider bad times, too, but it’s important. No one really likes to talk about life insurance, but it’s important to understand your options. That’s why we at Linda Dugan Insurance have compiled this quick, straightforward explanation of term life insurance.

Basic Term Options

Life insurance policies come in a lot of shapes and sizes. Term life insurance is only one of several options available. If you want to explore non-term policies, you can find breakdowns in other blog posts.

Sticking to term life insurance, the most common policies are for either 20 or 30-year terms. The reasoning is that you can lock in a single monthly price for a good chunk of time, and your coverage won’t vary.

But, you can get terms that start at annual and go to 5 or 10 years. Occasionally, you can find other term lengths, but it’s uncommon.

What’s the Right Length?

With all that in mind, there’s no single, static, right answer for everyone. It depends on your circumstances. You can think about a few things to help make your decisions.

First, what are your long-term financial obligations? Mortgage is usually the biggest, and it’s smart to have a life insurance policy that lasts until your mortgage is scheduled to be paid off.

Next, you want to think about kids and dependents. Generally, terms will last until the kids are old enough for self-sufficiency. (Which often means out of college but usually means at least 18.)

Lastly, think about retirement. Many people get term life insurance to replace income if the policy is needed. Often, by retirement, you don’t need the same coverage. You can try to get a term that lasts until you retire and then move into something more suited for that lifestyle once you get there.

You have some options. If you’d like to discuss them, contact your representative with Linda Dugan Insurance. We aim to help anyone in the Astoria, OR, area.