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03.02.2015
May 5, 2016 by Mary Lalone Determine how long you should secure your life insurance for in Apple Valley, MN. When you’re buying Term Life Insurance, everything may seem straightforward until choosing the length of time to hold your policy. Like any insurance policy, the best term length is not a one-size-fits-all proposition – but here are a few tips to help you decide how long your term should be for. Financial commitments include responsibilities like your mortgage, college expenses, and other big-ticket items that you will pay in the future. Since children are the most dependent of all dependents, a popular term is one that will cover the time between now and the age your children will reach adulthood.
Visit the insurance professionals at Mayer Insurance to secure the most reliable life insurance policy in Apple Valley, Minnesota to suit your needs, family, and budget.
We buy life insurance to protect our families and dependents from having to deal with our own financial burdens when we have passed.
You will want to ensure that your life insurance covers, and even extends, beyond your 15-year mortgage.
If you know you need a certain dollar amount of life insurance coverage but cannot afford a decades-long policy, one option is to buy for a short term then renew after it is completed.


Most people want to make sure that their term life insurance is in effect while those debts are being paid, as a mortgage is often reliant on the idea that there will be two salaries coming in!
This is because an insured does not want to leave his or her survivors without enough money to get by.When purchasing term life insurance, there is also another big decision that also needs to be made – how long should the coverage last? This is because, unlike permanent life insurance that lasts for an indefinite period (provided that the premiums are paid), term life insurance will only last for a certain set time frame before the policy expires.
So, there are a lot of variations in terms of policy length that you can choose from.Because life insurance is not a one-size-fits-all solution, it is important to choose the length that works the best for you and the specific need that you are trying to cover. For example, in some cases, an individual may want to ensure that their home mortgage will be paid off if he or she passes away while there is still a balance. Certainly, in many instances, those who are young and in relatively good health can use term life to purchase a large amount of coverage for a fairly small amount of premium.However, there are other criteria that will also come into play when considering the overall life insurance policy purchase picture.
Your other financial commitments will also have a say in what type of life insurance you purchase – as well as how much, in some instances.
In this case, the longer a term policy’s length is, the more expensive its premium will usually be. With this in mind, one option that some people use is to purchase a policy with a shorter length (and a correspondingly lower premium) in hopes that when that policy expires, they will have a higher income (and still be in good health), so that they can qualify for a longer policy in the future.It is also important to determine whether or not term life insurance is even the best option for you.


For instance, when we help a diabetic get life insurance, a permanent life insurance policy may be the better way to go. With these types of policies, in addition to the death benefit, you also have the cash value build up.
Funds are allowed to grow on a tax deferred basis – and the money can increase substantially over time. You can get all of the details that you need about policies, benefits, and prices – within just seconds. We want to ensure that you have all of the information that you need as you shop for this important protection.



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