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THIS VIDEO ABOUT OF 20 year term life insurance quotes.You also have to consider your spouse. Is your spouse working right now or staying home and looking after the kids until they’re old enough? Will your spouse be returning to work sometime late on?

What is your spouse earning now and what will their future income be like? Will they earn enough to pay all the bills and raise the kids? And, even after the children have left the nest, will your spouse be able to manage financially later on?

So, how do you decide? If you had a 20 year term policy and died 21 or 25 years from now, ask yourself how this would affect your spouse and family financially if you had no life insurance and your income was no longer available. If you answered – “Not Good!” then I think you have your answer as to which term policy to buy.You might think, “Well, I’ll just renew my policy.” You can do that, but just remember that life insurance also gets more expensive as you age. If you’re 25 years old, you can get a 20 year term policy for a $250,000 term life insurance policy right now for around $13.00 a month or $156.00 per year if you’re healthy and a non-smoker. A 30 year term policy would cost you around $18.00 per month or $216.00 per year.

If you had to renew that policy today at age 45 then it would cost you a minimal of $29.00 per month or $348.00 per year. That’s now! Twenty years down the road it’s going to cost much more. Also, during that time it’s very possible your health is going to slip. You might have put on some weight, developed health problems such as diabetes or heart disease.As you become less healthy, you no longer will likely qualify for the best rating which means that your premiums are going to be even more expensive.

Let me give you an example. Suppose you choose a 20 year term $250,000 policy right now and it cost you $156.00 per year. At the end of that term, you realize you need insurance for another 10 years but you’ve developed heart disease and qualified for only a standard rating, then that 10 year policy would cost you $353.00 per year which would actually be even much more expensive in the future.