Choosing an initial rate guarantee period is easy to do, you simply match the period of time you’ll need life insurance coverage to the available rate guarantee period available which is usually 10, 15, 20, 25 or 30 years of protection.
For example, if your children are young or you have 10 or 15 years to pay on your home mortgage loan, consider buying a 15, 20 or 30 year term life insurance policy.
If your kids are leaving the nest and your home is fully paid off or nearly paid off, perhaps a 10 year term life policy might accomplish your goals.
Here's how you can learn more about how a term life insurance policy works.