If you have dependents or liabilities, you must consider Term Life Insurance and see if it is right for you. If you are a young, middle-aged, or older adult with dependents and your life sadly gets cut short, your dependents would have to depend on whatever savings you have, and may even have to resort to the mercy of outsiders. However, if you have Term Life Insurance, you know that at least financially your dependents would be well taken care of.
Term Life Insurance, as the name suggests, is life insurance for a fixed term, or a fixed period of time. You could buy insurance to cover you for 1 year, 2 years, 5, 10, 15, 20, or even 30 years. You also have a choice of picking different death benefit amounts depending on your dependents and liabilities. Someone with say one child may choose lower coverage than someone with say four children.
Term Life coverage typically does not go beyond age 80 or 85. You get to pick the coverage period – anywhere from 1 to 30 years. You also get to choose the death benefit amount.