Selecting life insurance in Burlington, NC that is appropriate for your goals and needs can be complicated, especially when you are unsure about the appropriate type of policy. In general, a term-life plan can provide a variety of terms that are available to address your needs and goals for a set period of time. Picking the right plan ultimately depends on your preferences.
Current Financial Concerns
Financial commitments, like a mortgage or student loans, can impact the duration of a term-life policy. If you have a long period of time before your commitments are paid off, then you may want a policy that is long enough for the total duration of your payments.
Generally, the amount of life insurance that you purchase for your family should consider the debts and liabilities as well as the amount of funds that you feel is appropriate for your loved ones.
Even though your commitments can give you a good rule of thumb, it is usually important to consider your personal preferences when it comes to selecting a policy that is appropriate for your goals and concerns.
Personal preferences can vary, but it ultimately depends on your comfort level. If you want a policy that will last until your children get through college, then you may need a policy that will protect your loved ones for 25 years. If you are only worried about short-term needs, then you can obtain a one to five year policy.
The key factor that sets term-life apart from a whole-life policy is the flexibility when it comes to the duration of the policy. You are not required to maintain your policy for several years. Contact us to speak to an agent to learn more about your options.