Life insurance Term?

[minimiura]

Looking into getting a life insurance for 500k any tips. I am new to all this and am confused. What’s better 10 year term or 20 year term? I am 53 and just looking for something as coverage for my debts and family post passing. Any advice would help. What’s the differences in policies. And does the insurance have to renew at 20 years ? What happens if I don’t renew ?

 

[davelew86]

@minimiura I don't know how you measure "better". You're probably best served by sitting down with an agent and reviewing all your options and balancing them with your needs.

If you buy a 10 year term or a 20 year term, it expires at the end of that term. Sometimes it can be renewed at a higher price but not always. If you don't renew, you don't have coverage, and you aren't getting anything back.

 

[tooticki84]

@minimiura I work in the life insurance industry - A 10 year term policy is cheaper than a 20 year policy. Since it is a term policy, it will not automatically renew; the policy will ended because the contract has ended.