Insurance For Young Couple

One listener to Dave's show is young and married, and doesn't know if he should go for a 15 or 30-year term life insurance policy.

QUESTION: Listener is 22 and his wife is 20. They are debt free. How long should they get their term life insurance policies for? Dave explains the purpose of having that insurance.

ANSWER: I recommend 15-year or 20-year term unless you have kids. When you get children, you way want to re-up that as long as you’re both healthy at that time. The idea is that you want the insurance to last until the kids leave home. If you are planning to have kids in the next 5-6 years, then you might want to do 30 years.