What term life insurance length should I choose?

How long do you need term life insurance for? 5 years? 10 years? 50 years? Choosing the right term length can be tricky, but it doesn’t have to be. In this Article, you will learn about the factors that affect your term life insurance cost and coverage, and how to find the best option for your needs.

Life insurance term length options

Term life insurance helps protect your loved ones if you die, and there’s a lot to consider when choosing your coverage.Your age and your goals for the next few years may affect your choices, as well as whether you have a mortgage, other debt or kids. With so many factors, it can be tough to know where to start.

Medium-term life insurance (11 to 20 years)

Choose a mid-length term if:

• You’ve chosen a shorter amortization period on your mortgage, or you’re already several years into your mortgage.
• You want to provide protection for your children until they’ve finished school or start working full time.

Long-term life insurance (21 to 50 years)

Choose a longer term if:

• You’re looking for coverage for a longer period, to cover you through milestones like getting married, having children or buying a house.
• You’ve bought a house and want the insurance coverage for the duration of your mortgage, instead of buying mortgage insurance.
• You have young children and want to make sure they’re taken care of until they’re financially stable.
• You want coverage that lasts until you retire, and you want premium payments that stay the same throughout your working life.

Read the full article at: https://www.canadalife.com/insurance/life-insurance/term-life-insurance/what-term-life-insurance-length-should-i-choose.html