Is Term Life Insurance a Good Idea?

Whether or not term life insurance is a good idea depends on your own personal situation and life insurance needs.

What do you want your term life insurance policy to accomplish?

Term life insurance provides temporary protection for up to 30 years. Most term life plans allow you to choose coverage for a period of 10, 15, 20 or 30 years when you purchase your policy.

Since term life costs a lot less than any other type of life insurance you can get a lot more life insurance for your money. However, the longest term available is 30 years.

So, if you need life insurance for 30 years or less, then term life may be a good idea. Remember, if you outlive the "term" of your term life policy, your life insurance coverage expires.

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