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10 Times 10-Year Term Life Insurance Won’t Cut It

A 10-year term life insurance policy is the most affordable plan, but is it right for your family? In this post, we’ll show you how to find just the right coverage term and how to get your quotes in seconds.

» Compare: Term life insurance quotes

When looking for the best term life insurance, you may be spoiled for choice. There are so many options to think about, all of which offer great coverage for your family. A 10-year term life insurance policy is a popular option for many families. Like other term life policies, it’s comprehensive and extremely affordable for most. There are some circumstances, however, when a 10-year term life insurance policy won’t cut it.

Here are a few examples:

10 Times 10-Year Term Life Insurance Won’t Cut It10-Year Term Life Insurance: When You Have Young Children and a New Mortgage

While it may seem logical to get insurance that provides coverage for your children until they enter college, this term might not be long enough to protect your family’s financial future.

Here’s why:

While your children may be less than a decade away from adulthood, it is important to realize that their need for your financial support—beyond helping with tuition—won’t stop once they’re squeezed into their dorm room with the other freshmen. It’s virtually inevitable that the average tuition rates in the U.S. will go up (it has every year for the past 20 years).

Even if you’ve thought ahead and have already started a college fund, it may not be sufficient enough to cover all the costs of attending college. That’s because in addition to tuition, room and board there are school fees—which can be as much as $2,000 per semester. Consider this when buying life insurance if you plan on paying for your children’s college costs.

In addition to college tuition, you may also have a mortgage balance that you don’t wish to leave to your spouse or partner. Is your mortgage loan longer than 10 years? We recommend getting term life insurance that lasts at least the length of the mortgage. Ensuring your family can stay in the home and your children can afford to go to college, even if you died unexpectedly, are two noble reasons to buy life insurance.

If your children are under 12, a 10-year term life insurance policy might end just as your children are entering or graduating from college. So, this may not be the best term life insurance policy for you because that means they may be exposed to costs that might be a challenge for them to handle without your support.

» Calculate: Life insurance needs calculator

10-Year Term Life Insurance: When You Have Teens on the Cusp of Adulthood

If you are in the throes of a (or multiple) teenage rebellion(s), you’d be forgiven for looking forward to the day when your little darlings slam angrily out of the nest and head into adulthood. As you may be aware, that flight from the comforts of home might mimic that of a boomerang, rather than an eagle’s.

About 1 in 3 young people between the ages of 20 and 25 return home to stay with their parents until they become financially stable and established in their careers. If you’re a Generation Xer and have three millennial children (that’s the

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