20 year Family Income Policy

If you are 30 years old (male) and you wish to provide $3,000 a month payable to your family in the event of premature death, the annual premium payable is:

20 year Family Income policy: $484
30 year Family Income policy: $1,068

The family income is payable for the remainder of the term. You can reduce your cost by 50%, when you select a 20 year policy, instead of a 30 year policy.

You can take the insurance to provide a higher benefit by paying a proportionately higher premium.

In my view, a 20 year policy is probably suitable for most people.