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Money and Finances
Reply to "20 or 30-year term at 33?"
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[quote=Anonymous]It depends a little bit on what purpose you think the life insurance serves and what your finances look like otherwise. If you will be able to save enough annually between now and 20 years from now to fund most of college for all of your children and pay off (or nearly pay off) your primary mortgage, then 20-year is probably fine for you. In this scenario, you've presumably built up enough in assets over the 20 years that you no longer need the insurance to cover the gap. If not, you may want the longer term. Other people think that it's important to have life insurance forever so that there's money coming to descendants after death - it depends on whether you see life insurance as filling a specific financial need in case of your death or as one prong of a long-term financial planning scenario.[/quote]
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