If you’re like many people, you may have purchased term life insurance years ago to financially protect the people you care about. The right next step for you depends on where you’re at in life.
The term insurance basics
Term life insurance covers you1 at a guaranteed level premium for a specific period outlined in the policy (the “term”). Typical terms may range from 10 to 20 to 30 years. When your insurance term is about to end, you’ll need to decide what to do next.
You may think that once the term ends, you’ll have fewer financial obligations and insurance won’t be as important. If you’re certain the people you care about won’t need financial protection in another 15 or 20 years, that may be just fine.
Sounds reasonable, right? But life often doesn’t go according to plan.
