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Which term life insurance policy should i choose? I am 29 and deciding between 20 year and 30 year policies..?

I am 29 years old, in good health and a non-smoker. We just added a new baby boy to our family and I wanted to get a good life insurance plan. I can't decide between 20 year and 30 year policies- the 30 year is about 1.5 times more expensive a year than the 20 year plan. Any advice?

Public Comments

1. Look at your life events and your road map to decide how long you will need this policy. If you plan on having more kids. You will probably need the longer one. When I look at life insurance I use it to cover the following needs D- Death or final expense I- Income Replacement M- Mortgage or Rents E- Expenses S- Savings (3-6 month) so that you don't have to rush back to work. The only permanent need is Death. The other can be covered with Term insurance and over time will either dwindle away or be replaced with retirement accounts etc. So it is up to you to determine what your needs are and how long they will be there. You can also review your coverage over time and you may even be able to reduce your policy down the road to that it doesn't cost you as much later if you don't have as much need. I wish you well with you decision making.
2. consider these things: how much you want your family to receive? how much can you afford to pay? and how much you are willing to pay?
3. Going from 20 to 30 year plan should not be that much more money. Which company is it? Why don't you shop around? It is also best to start with the company that either carries your homeowners, renters or auto insurance. That gives you more discounts. If you are already doing that then find out how much you save on the other policies. If your saving some money on the other policies then that will pay some of the premium.
4. Do you want insurance when you're 49?...59? http://www.InsurancePickle.com/life-insurance/
5. When I was in the same situation 2 years ago me and my wife both bought 20 year term insurance policies. Both of our kids should be adults by then, our house paid off and our savings built up. My wife stays home now, but she should be returning to work in about 5 years so she would be earning and income at that point. If you plan on not having your house paid off or a lot of savings then the 30 year might be a good idea.