GUARANTEED TERM LIFE INSURANCE

One of the great things about guaranteed term life insurance is that the rate is fixed for the whole term. The length of the insurance can be anywhere between 5 years to 30 years. You can also get an annual guaranteed term life insurance policy that you renew each year.

While considering what kind of guaranteed term life insurance policy to purchase, consider:

What should be the length of the term?
Most people purchase term life insurance just long enough to cover any major expenses they will incur in the short term. For example, if your mortgage has 20 years left on it, or your children have another 20 years until they can be fully independent, a 20 year term is probably a good choice.

How much coverage should the policy provide?
The easiest way to calculate the coverage would be to multiply the number of years the money will have to last times your current annual income. Taking into account the amount of payroll taxes you pay, your family will most likely not need the full amount calculated above. But that is a good starting point.

Do your research and think about what your family will need the money for in case you pass on, then you can rest easy knowing that you did your best.