You should buy term insurance for as long as your dependents will need your income.
For instance, it might be until your children are grown, or until retirement. Perhaps you are paying a mortgage, or contributing to a college fund. Who will make these payments if you should die?
The goal should be to buy lots of (cheap) term insurance while you are building your investments. Once your investments are available (for instance in retirement), then you no longer need as much life insurance.
NOTE
ROP = Return of Premium
Age to 100 will quote Universal life insurance
Here is a rough guide to start the online quoting process:
| Preferred Plus | Top 20% | Excellent health/cholesterol ratios; athletic, no medications, no premature family diagnosis of heart disease or cancer. |
| Preferred | Top 40% | Good health, including weight; some medications, controlled High blood pressure, controlled Cholesterol may qualify,no premature family death of heart disease or cancer. |
| Standard Plus | Top 60% | Fair health, somewhat overweight; limited medications. |
| Standard | Top 80% | Fair health, overweight, medications. |
No two companies use the same underwriting guidelines. So, it is important that you choose a company whose guidelines provide you the most favorable treatment. For instance, one company may have a cheaper rate, but you may not qualify for it because your cholesterol ratio is outside their guideline.
It is important to choose a company, not with the lowest overall rates, but with the lowest rate for which you qualify. Ask your independent agent for assistance in choosing the best company.