All of us want the best for our loved ones after we are gone. Many, however, barely even have enough for everyone we care for in the here and now, let alone a nest egg for our own—and God forbid, others’—futures. Is there an affordable way to ensure your kin can be covered in living retirement or into adulthood in the case of a tragic early exit?

Thankfully, today’s feature presenter, Tom Arbaugh of Farm Bureau Insurance, shared the practical solutions his team provides, through term life insurance. This lower-cost option presents flexible terms of 10, 20, 30 years, or for to the age of 70, and can also later be converted into full life coverage.

He generally recommends this coverage be 8-10 times your annual income, though every situation differs in need. These funds can be used to cover income replacement, mortgage payoff, education, funeral costs, or any other needed expense. One pro tip Tom also suggests is layering terms of coverage to map to different budgets or life stages—some coverage until the kids are grown or on a budget one can afford early-on, and more later for until the house is paid off, or that could support peak family life, etc.

Basically, unlike Whole Life, which is a financial asset that is purchased and often accrues increasing value through monthly premiums, Term Life resembles “renting” insurance, only for the duration that you need.

For those worried about the gamble of paying away decades of premiums for no ultimate payout (at least the consolation prize is living), or with other special needs or concerns—Farm Bureau has even tailored special riders like their ‘Return of Premium Term 20’ plan. This is an optional rider that would to refund all premiums paid, tax-free, at the end of the term if no benefit is claimed, minus any added riders and ratings adjustments.

If you’re interested in securing your family’s financial future without the high costs associated with permanent life insurance, Tom’s insights provide a valuable roadmap. Connect with Tom to explore how term life insurance can fit into your financial planning. Also consider visiting or joining our group to benefit from more invaluable presentations and networking!