{"id":559,"date":"2013-10-19T13:23:23","date_gmt":"2013-10-19T17:23:23","guid":{"rendered":"https:\/\/blq.wpengine.com\/blog\/?p=559"},"modified":"2020-11-10T15:51:14","modified_gmt":"2020-11-10T20:51:14","slug":"reasons-consider-30-year-term-life-policy","status":"publish","type":"post","link":"https:\/\/www.bestlifequote.com\/blog\/reasons-consider-30-year-term-life-policy\/","title":{"rendered":"30 Year Term Life Policy"},"content":{"rendered":"

The whole point of term life insurance policies is that they provide you with coverage when you need it the most\u2014 when you are still working and have family members who are dependent on you.<\/p>\n

So depending on when you decide to apply for life insurance, a 10 to 20-year policy could suit you and your needs just fine.<\/p>\n

However, a 30-year policy does have multiple advantages that should be considered before you make your final decision.<\/p>\n

You can always start comparing quotes using the free quote generator on this page, but keep reading to learn more about your term length options and getting the lowest rates possible.<\/p>\n

30-Year Term Policy Advantages<\/h2>\n

There are actually a wide variety of reasons someone may opt for a 30-year policy, but here are some of the key ones:<\/p>\n

Mortgage Protection<\/h3>\n

Purchasing a home is a huge investment, and many people take out 30-year mortgages (or mortgages similar in length) to do so. For this reason alone, a 30-year term life insurance policy makes sense.<\/p>\n

When you’re buying life insurance, your mortgage is the biggest expense you’ll have to cover. If you have a 30-year mortgage, a 30-year term plan should give your family the money they need to pay off the loan.<\/p>\n

Newlywed Security<\/h3>\n

Many newlyweds don\u2019t immediately start thinking about life insurance when they first tie the knot, but the key is to start thinking about the future.<\/p>\n

For example, if you are a newlywed and are planning on having children within the next five years, getting a 30-year term policy now ensures that you will have coverage until your child is an independent adult.<\/p>\n

The advantage of buying a life insurance plan before you have kids is the savings. You’ll save money on your coverage if you don’t wait to buy the plan.<\/p>\n

When you’re thinking about your children, life insurance should be a huge part of the planning. If you were to pass away your spouse would have to care for your child with only one income. If this happens, your spouse will have to pay for childcare and more. Those bills are going to add up.<\/p>\n

Planning for Old Age<\/h3>\n

It\u2019s true that a lot of people in their 50s<\/a> and 60s tend to get shorter term policies simply because it is a lot cheaper than a longer one. If you are in good health, however, going with a shorter policy actually doesn\u2019t make much sense since you are probably not going to die within 10 years.<\/p>\n

A 30-year policy would then ensure that you have coverage until you reach old age. Not all insurance providers will offer you a 30-year policy at this point, but some (Transamerica is an example) are game.<\/p>\n

Cost of a 30-Year Term Policy<\/h2>\n

Now that we\u2019ve gone over the initial reasons why you may want to consider a 30-year term policy, it\u2019s time to go over cost. After all, final decisions on different policy options very often come down to how much the premiums are going to be.<\/p>\n

Since the cost of is determined largely by personal factors like health history, gender, age, tobacco use, etc., it\u2019s impossible to predict exactly how much you\u2019ll end up paying for a 30-year policy. That said, we at Bestlifequote.com have years of experience and work with 30 different insurance companies.<\/p>\n

So, we can give you an idea of what to expect with the following examples:<\/p>\n

$100,000 Policy for 30-Year-Old Man, Nonsmoker<\/strong><\/p>\n