{"id":119256,"date":"2020-04-02T21:40:13","date_gmt":"2020-04-02T21:40:13","guid":{"rendered":"https:\/\/fidelitylife.com\/?p=119256"},"modified":"2020-04-02T21:40:13","modified_gmt":"2020-04-02T21:40:13","slug":"choosing-a-life-insurance-term-length","status":"publish","type":"post","link":"https:\/\/staging03.wordpress.fidelitylife.com\/?p=119256","title":{"rendered":"Choosing a life insurance term length"},"content":{"rendered":"

Term life insurance is designed to protect you and your family exactly when you need it, for as long as you need it. These plans provide coverage for a set period of time<\/a>, whether you\u2019re filling a gap before retirement or need coverage until your house is paid off and your kids are out of school.<\/p>\n

Term life plans are generally more affordable than permanent life insurance,<\/a> which covers you your whole life and allows you to build cash value. This makes term life a good bet for most families. But how do you figure out how long you\u2019ll need coverage? Here\u2019s what you need to know about choosing a term life plan length.<\/p>\n

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What is a term length?<\/h2>\n

A \u201cterm length\u201d indicates how long your policy lasts. Most term life plans run from 10 to 30 years. You can choose whether you want short-term or longer-term coverage, depending on your unique financial needs.<\/p>\n

If you die while your term life insurance policy is active, your family receives a lump sum of cash they can use to cover day-to-day expenses and replace your income. It can also help to pay off any debt, bills, or end-of-life expenses that you\u2019ve left behind.<\/p>\n

Once you reach the end of your term, you have a few options. You may be able to renew your policy and extend the coverage period, apply for a new policy altogether, or just let it expire<\/a> if you don\u2019t need coverage anymore.<\/p>\n

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How do I calculate my term length?<\/h2>\n

\u00a0<\/strong>Finding the best term length for you starts with factoring in all your expenses and responsibilities. Since you\u2019re buying life insurance to protect your family financially, consider how long you\u2019ll need that protection to cover any current and future needs like:<\/p>\n