To calculate your coverage, we factor in your current financial status, and how much income you want to replace to give you an estimate
It's ok if it's not exact, we just need round about figures
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Term life insurance is a type of life insurance that provides coverage for a specified period of time, known as the term. It is designed to provide financial protection to the policyholder's beneficiaries in the event of their death during the term of the policy. If the policyholder dies within the specified term, the beneficiaries will receive a death benefit payout. However, if the policyholder survives the term, the coverage ends and no benefits are paid out. Term life insurance is generally more affordable than permanent life insurance policies, but it does not build cash value or offer lifelong coverage.
The length of term insurance that is right for you depends on your specific needs and goals. Here are a few factors to consider:
1. Financial obligations: Consider the length of time you have committed to invest in your financial obligations, such as a mortgage or supporting dependents. You may want a term that aligns with these obligations, such as a 20-year term if you have 20 years left on your mortgage.
2. Income replacement: If you want to provide income replacement for your dependents in the event of your passing, consider a term that covers the years until your dependents become financially independent, such as until they finish college or reach a certain age.
3. Budget: Longer-term policies generally have higher premiums. Consider your budget and how much you can afford to pay for insurance coverage. Shorter terms may be more affordable but may not provide coverage for as long.
4. Future needs: Consider any future needs you may have, such as planning for retirement or leaving a legacy. If you anticipate needing coverage beyond a certain term, you may want to consider a permanent life insurance policy.
Ultimately, it's important to evaluate your specific situation and speak with a licensed insurance professional who can help determine the length of term insurance that best suits your needs.
10x your salary is a safe estimate. Everything which it would cover: a mortgage, debt, higher education, emergency fund, and more.