One of the hardest decisions when searching for term life insurance is deciding what term length is the best for your needs. The term is the number of years a policy is guaranteed to have a level premium and a level death benefit. It is important for you to know that the company is the only one that is bound by the term. There is no penalty for dropping a term policy.

There is a Selectquote advertisement on one of the new channels showing a couple sitting in a park with their two toddlers. The ad states that the husband can have $500,000 for a very small amount every month and the wife can also have $500,000 for an even lower amount. The fine print on the ad explains that the quotes are for a 10-year term.

As a long time agent with the Hinerman Group I can tell you that Selectquote should be ashamed of the ad. It is just plain wrong. Bad advice!! Wrong!! Any professional agent that suggests buying a 10 year term when the obvious need (the two toddlers) is a 20 year need, should have to go back and read their ethics course again.

Speak to an agent at the Hinerman Group today. We understand that low rates with 10-year terms can be attractive, but often inappropriate. With the scenario above, best case is that the couple will pay more than they have to over the 20 years that they need the insurance. The worst case is that before the end of that 10-year term one or both of the two parents will become uninsurable. This is family protection. Cheap isn’t always better.