Are you in the market looking for the perfect term life insurance policy? Then discussed below are few reasons why you should check out 25-year term life policy.
A perfect fit between a 20-year and 30-year term life policy, the 25-year term life policy offers fixed coverage and premium for 25 years and does not come with cash build up. Depending on the provider’s underwriting rules, you might have the option of extending the policy after 25 years or changing your term policy into a permanent one after the policy period.
While everyone can benefit from a term life policy, the following groups stand to benefit the most from a policy for 25 years.
People who have just started their career and/or got married would find this policy to be the most optimal in terms of coverage and affordability. Their age helps them land a good coverage for a low amount. At as low as $1 a day, the premiums for the policy are conducive for people on a tight budget. As these young people will face growing needs in the future, this policy best suits them.
Those who just had a child or those who are planning for one in the recent future, a 25-year term policy would be a good investment. As a child comes with added responsibilities and expenses, it would be the right time to consider an affordable yet wholesome policy like the one for 25 years. This would cover that child though school and college, which are the most important expenses.
Generally home mortgages run for 20-30 years. Those considering buying a home with 25-year mortgage plan should consider this 25-year policy as a back up for their home mortgage payment. In the event of the policyholder’s death, his/her house would be paid off by this policy.
Businesses involving a c corporation, s corporation or a partnership, would benefit from a 25-year policy to facilitate their buy-sell agreement. It can also be the best cover for the key employee.