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Term insurance is a pay-as-you-go life insurance option that covers a specific amount of time, typically 20 years or less. It can be an important financial tool in your younger years, when you have kids and are balancing saving for retirement or paying off debt. In the event of your unexpected death, term life could pay off your mortgage, student loans or other debt as well as cover ongoing and future needs for your family, like education costs.
Benefits are paid to your beneficiaries free of federal income taxes if you pass during the coverage period. Once the term ends, coverage ends--unless you purchase a new policy.
Term life insurance premiums are based on your age and health. The younger and healthier you are, the lower your premiums can be. Coverage for a healthy 30-year-old costs an average of just $14 a month, or $160 a year.* That's an amount that can easily fit into most family budgets.
An easy way to determine how much life insurance you need is to use L-I-F-E to calculate your Liabilities, Income, Final Expense and Education Expenses. See the example below.
|Liabilities (like your mortgage, car loans, student loans, credit card, etc.)||Mortgage: $150,000
Car loans: $20,000
Credit cards: $10,000
|Income needs for your family (after all debts are paid off)||$24,000 for 10 years
($2,000 a month for living expenses)
|Education expenses for your child or children||$100,000
Our life insurance calculator can help you calculate these needs.
Everyone's needs are different, which is why it's important to talk to someone who can look at your entire financial picture and savings goals, and help you figure out what's best for your situation. From term life to permanent insurance options, we offer a variety of plans that cover you now and in the future.
*Source: Life Happens and LIMRA Insurance Barometer Study, 2016
Edward Jones is a licensed insurance producer in all states and Washington, D.C., through Edward D. Jones & Co., L.P. and in California, New Mexico, and Massachusetts through Edward Jones Insurance Agency of California, L.L.C.; Edward Jones Insurance Agency of New Mexico, L.L.C.; and Edward Jones Insurance Agency of Massachusetts, L.L.C.