The 25 year term life insurance policy was here before the 30 year term insurance policy.
It falls neatly between the 20 year term policy and the 30 year term policy. This policy has a level death benefit and as well as a level premium.
Since this is term insurance the premium is fairly inexpensive. There is no cash value.
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Why Buy 25 Year Term Life Insurance?
- Young married people intending to have children in the near future could use this policy to take care of the financial needs of the family if a breadwinner dies. The needs of the family are not going to be any less because either husband or wife is not there…
The rent or mortgage still has to be paid, the amount spent on food will be about the same, everyone has to continue wearing clothing and the payment for the automobile still needs to be taken of…not to mention maintenance, gasoline etc…
It is going to cost money to bury the deceased spouse and parent. If they have a will, , and everyone should, it is going to cost money for probate and attorney’s fees. If the estate is large enough there will be estate taxes to be paid. In addition there is always something that we forget about when planning for this eventuality that we would need to take care of.
The 25 year term life policy can be set up to provide a monthly income instead of the usual lump sum. This makes sense if the amount of insurance is fairly large.
- Business people find many uses for the 25 year term life insurance policy. If the business is a partnership, s corporation, c corporation or a limited liability company this policy can be used to fund a buy-sell agreement in the event of the death of a partner or stock holder…
It can also be purchased on the life of a key employee to serve as a cushion in the event of this persons sudden death. As it usually takes time to replace such a person the company could suffer some loss. The 25 year term life insurance policy could replace some or all of that loss.
- If you purchase a house with a 25 year mortgage your family may lose this house if there is not sufficient income to make the payments. Although a decreasing term life insurance would be the preferred choice for most people some people buy the 25 year term life insurance policy to cover their mortgage.
Would This Policy Work For You?
Have you thought about the 25 year term life insurance policy?
Could this policy fulfill your life insurance needs?
Why would you buy life insurance anyway?
Take a few minutes to see if the 25 year term policy is for you.
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The 25 Year Term Life Insurance Policy
The 25 year term policy can fulfill many long term life insurance needs. The 20 year term life insurance policy is very popular because of it’s low premium and because people find it fairly easy to plan for 20 years.
To some people the whole life insurance premiums are considered too high. The name “whole life” seems to imply a very long period to these people and as a result they are not too enthusiastic about this type of life insurance.
The 25 year term life insurance policy may be more usable than the 20 year term policy for many people. Let us see why.
Uses And Applications Of The 25 Year Term Insurance Policy.
A young person graduates from college, has a good job and is considering getting married. He has a good solid income and he is very aware of the expenses he will have to face in the near future.
He will need to think about buying a home and it is likely that the new couple will be thinking about having a child before long…
With all these things come the additional responsibility of securing the family’s future. He wants to know that his young family will be able to maintain their same standard of living in the event of his premature death.
He knows he must buy some life insurance. His wife is also a college graduate and she earns a good income. Nonetheless he needs to and wants to buy some life insurance…
The 25 year term life insurance policy would be a good fit for this situation. What he wants to do is to buy a policy with sufficient death benefit to replace about 60% of his income. The premiums are surprisingly inexpensive for this policy…
These premiums remain level for the duration and so does the death benefit. Some companies start off with a lower than usual premium and increase it every five years thereafter. In the long run using this method turns out to be a little more expensive than had the premiums been level throughout.
A man in his early forties is getting married. His wife is quite a few years younger than he is. She plans on having her first child. He too is interested in securing the family’s future.
He wants to provide an income that would last as long as his young wife may live. He also wants to provide sufficient cash to pay for his yet to be born child’s college education. The 25 year term life policy would certainly fit the bill in this situation as well.
Many business people find the 25 year term life insurance policy a favorable choice to fund buy sell agreements whether they are dealing with a sole proprietorship , a partnership or a corporation.
As the death benefit remains level they can comfortably make projections over a long period of time. The 25 year term life insurance policy is also used for key employee life insurance.