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[quote=Anonymous][quote=Anonymous]This isn’t helpful to OP but everyone, if they can, should be getting a 20 year policy the year their kids are born for max protection [/quote]

No.  Always get a 30-year term in this situation.  Broker here again.  What if your last kid ends up being born seven years after your first kid (either intentionally or accidentally)?  Then your term runs out when they’re 13 years old.

And you may think you’ll have enough money saved up in 20 years, but what if you face more layoffs and career instability than anticipated?  I see this stuff all the time.  If a 20-year policy costs $1,000/year, then a 30-year policy will maybe cost $1,500 per year.

I guarantee the OP wishes she had done something like that. And you can always cancel a 30-year term after 20 years if you end up not needing it. Nickel and diming your future self by skimping on the term length is really dumb.

A few companies even offer 35- and 40-year terms now, which can make sense in certain situations. The public seems to be under the impression that no one over the age of 59 ever needs life insurance, and I can guarantee you that this is not true. As an example, I just wrote a policy for a 66 year-old business owner who makes $1.5 million a year.  He’d rather pay $9,000 a year for a $2 million policy than risk not having enough liquidity, as lots of his assets are tied up in the business.[/quote]

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