For someone in their 40s, term life insurance might be the best option. Term is affordable, straightforward, and can be tailored to provide coverage during financially taxing years where you need it most. Here are some common examples of time periods you can structure a term policy around.
What does a term policy cover?
In the example to the left, we demonstrated common periods of time to have term life insurance coverage. Ultimately, it's up to the beneficiaries to decide how to use the death benefit. Here are some things it could help cover:
Our Financial Legacy Index found that many Americans aren’t prepared for the financial ramifications of their death. Here are some findings that particularly demonstrate the need for life insurance:
Your 40s is one of the most critical, financially-demanding decades to protect. Being in the middle of childcare and eldercare, college, and retirement, means there’s plenty of expenses you want covered for your family who relies on you. Life insurance provides peace of mind knowing those expenses are taken care of should you pass away, making it a crucial piece of your financial legacy.