How do I decide my term?

[Shine]

How do I decide the number of years (term) to choose for my policy?

[maat55]

What kind of policy?

[jpg7n16]

I think you mean for life insurance, so you need to first determine why you need the insurance?

1. Do you have kids you're looking out/providing for/wanting to put through college?
2. A spouse you want to provide for?
3. Debts your income is expected to pay off?
4. Income/savings you need to replace?
5. Estate liquidity / estate taxes?
6. Business buyout arrangements?

Once you determine that, then you can see how long you need the coverage.

How long do you need to be covered? The answers for above might look something like this:

1. Until the youngest child is out of college (if child is 5 and expected out of college at 25, then 20 yr)
2. Until your expected retirement date (if 35 and expected ret. at 65, then 30 yr)
3. Until your new 30-year mortgage is paid off (30 year); 15 year mortgage (15-20 year)
4. Until your expected retirement date (30 year)
5. For the rest of your life (whole life)
6. For as long as you will own the business - assume the rest of your life (whole life)