Term life insurance ensures you and your loved ones will be taken care of in the event of a tragedy.

There are term life insurance policies that only cover you while employed and some throughout your entire life. When do I need to select a term policy? Term Life Insurance is usually more affordable than whole life insurance because it has fewer benefits, but the premium payments stay stable over time. The type of term plan depends on how long you want coverage for: Some term plans will provide coverage from about 20-30 years old until 65 or 70; others may last up to age 85 or 95 depending on the carrier’s rules. In both cases, they can be expensive when purchased at a young age, especially if buying level term with no cost savings rider (which drops premiums by increasing death benefit). If purchasing term in your 40’s or 50’s, it can be very expensive and term life insurance companies may only offer a maximum coverage of $500,000.

Is term life insurance worth buying?

This is an important question that everyone should ask themselves when they are pursuing term policies. The answer to this will depend on the age you take out your policy as well as how much money you need in term coverage for. If you just want some basic protection until you become eligible for Medicare at 65 then yes – Term Life Insurance is definitely something worth looking into! It’s not going to break the bank and provide peace-of-mind knowing that if tragedy struck (God forbid) your family could pay off any debt and still live comfortably without having to worry about monthly bills piling up.