. You can purchase life insurance policies that are based on fixed interest rates, and others that are tied to the performance of the stock market.
When it came down to which policy was right for us, we considered three factors: coverage amount, affordability, and predictability. Even though we purchased the policies pre-kids, we wanted to factor in a growing family as we knew we wanted children. We also wanted to be able to pay off the home for the other and cover a certain level of living expenses for 20 to 30 years in the event of an unexpected death. We knew our life insurance policy had to fit into our budget.
At the time, we figured 30 years would bring us close to our retirement age and thus help cover any years where there was only one income to live on in the event one of us had died. The term policy was much cheaper than a whole life policy, the death benefit amount was set, and we knew exactly how much we would be paying each month for the next 30 years.
All that being said, I recommend individuals shop around for term life insurance policies that fit the needs of their family. I know a lot of people want to wait until they have children, but if you and your partner are in it for the long run there's no better time to purchase than when you are young and healthy.
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