At this point, we hope that with the help of the Baby Steps you will not longer need life insurance; instead, you can be self-insured. Self-insurance is when you have a large enough net worth that your loved ones would be taken care of in the event of a tragedy without life insurance.
You only need life insurance when your death would cause your family financial hardship. By the time a 15, 20, or 30-year term policy expires, it is likely that you will no longer have a need for life insurance anyway.
However, if you do still need life insurance for a little longer to ensure you are self-insured, no worries! Most term life plans are guaranteed renewable to age 90 or older, so they don’t really expire. However, once the level premium period expires, the cost of the policy increases substantially on a yearly basis.
We recommend getting term life insurance through our RamseyTrusted provider, Zander Insurance. Here is the link to their website, and you can reach them at 800-356-4282.