Life Insurance - I need to get a policy in the BR area...

we have term life through NW Mutual... no complaints so far, and it's been about 5 or 6 years since we've had it...

Who has your auto? homeowners?

Use zanders or select quote then tell your local agent what you found

ONLY TERM nothing else- do not listen to the agents who tell you to buy anything else

Why not?

Wife and I currently each have 20 year policies that are about 3 years old. We are both 33. I've been thinking about getting similar 30 year policies and dropping the 20's.

Is there a certain age where people typically feel that they need to be insured until?

You need to be insured as long as you have children and or a spouse.

Once it is down to just you- then insurance is a gift that you wish to give someone when you are gone

Farm Bureau

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What's the difference in the different types of policies (in a nutshell)???

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Term is actual insurance. It's like car insurance or health insurance etc. You pay X amount to receive Y in case Z happens.

For car insurance you pay a monthly premium to receive a lump sum for repairing or replacing your car if it's damaged. In the case of term life insurance, you pay a monthly premium so that your beneficiary receives a lump sum if you die. You sign up for a term of 10, 15, 20, 30 years etc. and after that time the coverage ends.

Other types of life insurance are basically just bad investments or bad savings accounts where you get ripped off in fees and commissions, and they also have a small payout to a beneficiary. Some people believe that these other types of policies can be of some usefulness for tax purposes in higher value estates but this isn't relevant for 99% of households and even for the 1% that it may be mathematically valid it's usually still enough of a convoluted mess that it's not worthwhile IMO.

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Term policy

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Zander

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Does not have to be

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a policy in the BR area

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So, based on my age-the fact that I don't have kids and only my spouse in the equation-should I go for 30 years or should I go for 15 and, "roll the dice a bit,"

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I would always do a 30 year policy. Especially at your age

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then lock in again just after age 50 and save more money?

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It's gonna cost you a lot more money at 50 than it will now but if you are still healthy then, you'll be insurable. Check into a permanent policy also. Maybe a whole life policy that will never lapse. Also will never be paid for.