I want term insurance but the longest I see is 30 years. Can I get it for like 40 years, or 45 years?
Answers | 2
Term insurance is temporary coverage and quite often the insured lives past the term and no benefit is paid. If we could buy life insurance where we couldn't outlive it, that would be permanent life insurance - and you can buy that now, in the form of Whole Life and Universal Life. If term insurance was to become the same as permanent coverage, it would cost more and pay a claim every time. Again, we have that now.
At the moment, the best way to get 40 or 50 years from a life insurance plan is with Universal Life. Here is how. I use carrier software to generate a UL plan that comes to an end 40 or 45 years from now. It is permanent coverage (as a plan type) but I custom design it to last just so long (like a term plan). There, you have coverage for 40 or 45 years. Will it cost more than term? Yes, but remember, you are comparing a 45 year plan against a 30 year plan (based on what is available now). The longer the "term" the more expensive it is to buy, so yes it will cost more. There are more technical bits that I could touch on, but the summation is that yes you can get what you want but it may not be labeled the way you might expect. If I took the label off your car, it would still get you from here to there, the same would happen with UL built to behave like term. Want to know more? Contact me and we can explore.