Life insurance Life Insurance Term: 5 Years 10, Years, or 20 Years?

[Mika]

A life insurance policy is an insurance policy that covers terminal illness, loss of organs due to accidents, and also death. If nothing happens during the insurance tenure, you will get your insured amount along with a bonus. You can get a life insurance policy for the term of 5 years, 10 years, or even 25 years. But this also means you are paying premiums for the entire term, which might be financially daunting if you have a limited income. By the way, how do you decide the term for your life insurance policy?

When I was buying a life insurance policy, I wanted to choose 15 years term. However, for the amount that I wanted to insure, I did not have enough money to pay for my first premium. If I chose 20 years period, the money I had at that time would be just enough to pay for my first insurance. Therefore, I chose 20 years term.

 

[Mataracy]

This idea sound very good and important . Though before I use to heard it and also read it that insurance is a very good policy that one need to involve in doing especially life insurance , fire and accident insurance. When heard that some body can still get interest and ones money back from it, it make more interesting. Only one problem that am have with this is that;for me to know the Original company that one can have the contract with.

 

[Bookwormlux]

It is very important to make sure the insurance covers as many years as possible, even though this is greatly determined by how much money you are willing to spare for this particular purpose but I think that keeping much money for a longer time to cover the life insurance is more beneficial.

 

[Setho]

The life insurance policy is actually a very good one and even more so because it is one of the cheapest. The tendency of you and gauging in a fatal accident or having a termly illness is very rare and yet very impacting that is why it is an insurance policy that you should try to have.

 

[Mika]

Buying an insurance policy for longer-term means you are willing to pay a premium for the long term. If you bought an insurance policy with 10 years term, you will pay premoums for 10 years, however, if your policy has a maturity period of 20 years, you will have to pay for 20 successive years.

 

[Mandy96]

I believe this exact type of life insurance is the short-term life insurance because if it was a whole life insurance, I do not think the insured could have any grace to receive his or her compensation while still alive. But if I was to be honest, I think this short-term insurance is still better than the whole life insurance

 

[Jamoflondon]

I believe this your explanation about life insurance talks more about short term life insurance because there is no term to which your insurance expire if you get a whole life insurance. Well people who doesn’t know much about insurance may not be able to differentiate between a short term life insurance and a whole life insurance, which why a broker or an agent is needed

 

[Mika]

You need to understand the basic difference between term life insurance and whole life insurance. Term life insurance provides coverage for your life and you get benefits, whole life insurance provides coverage for your death and your surviving family will get the benefits of your policy. It makes sense to use the benefit yourself

 

[sincerem]

Their is no problem with the term you choose being 20 years for a life insurance policy. All we asked for is longer life on Earth and surely you'll come to reap from the premium policy you opted in for. I love insurance due to its enormous benefits when something wrong happens to an insured that needs urgent call in the policy which you insured.

 

[Jasmine]

If you are buying insurance policy at a young age, I think you need to buy for a longer period because you get the benefits when you are still young. For example, if you bought 20 years policy at the age of 15 years, you will be just 35 years when you receive the benefits. You can use the money to build a business.

 

[sincerem]

That's the kind of insurance policy I love, I love the term insurance policies because I wouldn't wait till something bad happens to me before I earn from the insurance policy I am paying for. I love where I'll be up to an investment and have better chances of reaping my reward Alive and not when some bad occurs.

 

[Jasmine]

Shirt term life insurance policy, for example 5 years term life insurance policy, does not offer a lot of benefits unless you insure for a huge amount. When you insure for a huge amount, you also have to pay a huge amount s premium. Your premiums will be smaller if you buy policy for longer period.

 

[Augusta]

Well for me I will write that one should go for anyone one is comfortable with because theody important thing is that you are tsking out the policy and it will be helpful and impactful in the long run. Life insurance is one insurance policy I'm planning to undertake because of the benefits