One advantage of term life insurance is that it’s typically offered in a variety of coverage lengths, giving individuals the flexibility to tailor a plan according to their needs. 30 year term life insurance policy.
Coverage lengths for term life insurance policies are often maxed out at 30 years. A 30-year term life insurance coverage can be a useful choice for consumers for a variety of reasons.
Term life insurance can help cover mortgage payments
Some individuals buy term life insurance to help cover home mortgage payments in the event of their unexpected death. The payout from a term life insurance policy can help your surviving spouse or other loved ones continue to make mortgage payments after the loss of your income, which can help them remain in the home.
A mortgage can often come with a 30-year payment period. If that’s the case in your situation, you might choose a 30-year term life insurance policy with a coverage amount equal to that of your mortgage balance. Doing this could help give you some piece of mind, knowing that if anything were to happen to you, your loved ones would have financial support to help make the mortgage payments.
Term life insurance can help cover children until they are financially independent
Another popular reason for buying term life insurance can be to help safeguard the financial well-being of your children. The untimely death of a household income provider can leave children with less money for their education and can make it more difficult for them to maintain their normal way of life.
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Financially supporting your children might not necessarily end once they finish their education. Until your children become more financially independent, they may need additional help covering expenses such as; student loans, car payments, rent payments, etc.
Purchased at the time you have your first child, a 30-year term life insurance policy can last until your youngest child is financially independent.
30-year term life insurance can help replace years of lost income
Life insurance can also serve as income replacement for sole or primary household providers. If you were to die prematurely, the payout from a 30-year term life insurance policy could go a long way in bridging the financial gap until retirement age. Your surviving spouse may then be more prepared to carry through typical working years until other investments and retirement savings become available.
A 30-year term lessens the chance you’ll need to renew
Those who buy a shorter-term life insurance policy may consider renewing their plan if they reach the end of their term, but they may find themselves still needing coverage. This may sound simple enough, but renewing a life insurance policy means renewing your premiums. And because you will then be older (and perhaps not as healthy) as when you first purchased the policy, your new rates will likely be higher.
A 30-year term life insurance policy can be locked in with guaranteed level premiums that won’t increase over time, which can help provide protection from an increased renewal rate.
Term life insurance from AIG Life Insurers
At AIG Life Insurers, we not only offer 30-year term life insurance coverage, but we even offer a 35-year term that provides a longer coverage period. In fact, we offer 18 term duration lengths to choose from, beginning with 10 years.
An AIG-appointed life insurance agent can help you decide which policy length may be right for you and guide you through the process of calculating a coverage amount and determining which type of term policy for your situation.
Call 1-800-390-3019 today to find the coverage that is right for you.
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