[{"data":1,"prerenderedAt":1683},["Reactive",2],{"/":3},{"data":4,"headers":1656,"perPage":1682,"total":105},{"stories":5,"cv":1653,"rels":1654,"links":1655},[6,893],{"name":7,"created_at":8,"published_at":9,"updated_at":10,"id":11,"uuid":12,"content":13,"slug":884,"full_slug":885,"sort_by_date":83,"position":886,"tag_list":887,"is_startpage":44,"parent_id":888,"meta_data":83,"group_id":889,"first_published_at":890,"release_id":83,"lang":891,"path":83,"alternates":892,"default_full_slug":83,"translated_slugs":83},"Should I Get a Personal Loan? When it is (and isn't) a Good Idea","2025-04-07T18:31:45.224Z","2026-04-01T17:18:06.692Z","2026-04-01T17:18:06.715Z",651798214,"b486e7e0-9f13-4998-bc13-df9edbd92e8e",{"seo":14,"_uid":20,"body":21,"author":48,"category":880,"featured":44,"component":881,"canonicalTag":882,"_editable":883},{"_uid":15,"title":16,"plugin":17,"og_image":18,"og_title":18,"description":19,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"6e279110-4da0-48c0-8e96-3269c04f3ee5","Should I Get a Personal Loan? When it is (and isn’t) a Good Idea - Navient Marketplace","seo_metatags","","Are you wondering, \"Should I get a personal loan?\" Here are some situations when it makes sense, and when it doesn't make sense, to get a personal loan.","24614723-3c23-4d4f-990b-c49a1b45edce",[22,52,855],{"id":23,"_uid":24,"image":25,"intro":26,"author":27,"classes":28,"category":18,"featured":44,"blogTitle":45,"component":46,"imageLink":47,"blendImage":44,"authorRoute":48,"publishedDate":49,"backgroundColor":50,"_editable":51},"blog-hero","02557530-adb9-49fb-9319-277497a70cb8","//a.storyblok.com/f/110029/800x534/820b664c8e/should-i-get-a-personal-loan.png","Used wisely, a personal loan can help cover gaps in your budget without putting your home or other assets at risk.","Monica Milone",[29],{"_uid":30,"component":31,"titleColor":32,"dateClasses":33,"titleClasses":34,"authorClasses":35,"subtitleColor":36,"subtitleClasses":37,"dateMobileClasses":38,"titleMobileClasses":39,"authorMobileClasses":40,"featuredMobileClasses":41,"subtitleMobileClasses":42,"_editable":43},"6bc0d925-925b-40e2-8cb5-ac30d0086187","BlogHeroStyle","#470A68","text-subtitle-2 mt-7 accent--text text--darken-2","text-h4 mt-6 font-weight-bold","text-size-sub-1 mt-7 accent--text text--darken-4","#75478E","text-h6 mt-n6 blog-post-subtitle","text-size-caption mt-4 accent--text text--darken-2","text-size-button-3 font-weight-bold","text-size-sub-1 mt-4 accent--text text--darken-4","text-size-sub-1 accent--text","text-size-sub-1 mt-n9 pt-5","\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"6bc0d925-925b-40e2-8cb5-ac30d0086187\", \"id\": \"651798214\"}-->",false,"Should I Get a Personal Loan? When it is (and isn’t) a Good Idea","BlogHero","/images/should-i-get-a-personal-loan.png","monica-milone","Updated: February 16, 2023","#F6F2F7","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"02557530-adb9-49fb-9319-277497a70cb8\", \"id\": \"651798214\"}-->",{"_uid":53,"bloks":54,"classes":851,"component":852,"mobileClasses":18,"containerContent":853,"_editable":854},"222843d6-4c0d-4ac3-aa5f-7f579c49c5fe",[55],{"_uid":56,"bloks":57,"classes":18,"justify":662,"component":849,"mobileClasses":18,"_editable":850},"0737a92f-e416-438d-b8db-1c0e86499923",[58,665,714,805],{"lg":59,"md":59,"sm":60,"_uid":61,"cols":60,"bloks":62,"alignSelf":662,"component":663,"_editable":664},"7","12","c286affa-ee04-4348-8508-6e9f77932903",[63],{"_uid":64,"color":65,"classes":66,"content":18,"richText":67,"component":655,"mobileClasses":656,"enableRichText":657,"richTextMobile":658,"_editable":661},"a64c4df0-154e-4c12-b867-678d292709f4","#444444","blog-post-text blog-post-headers",{"type":68,"content":69},"doc",[70,98,102,112,151,158,162,175,179,201,208,212,250,254,262,266,279,283,287,294,298,305,318,322,329,333,341,345,352,356,363,374,381,385,392,396,403,407,414,418,425,429,436,440,447,451,492,499,512,519,523,530,534,541,563,576,580,587,600,622,629,633,640,644,651],{"type":71,"content":72},"paragraph",[73,76,87,89,96],{"text":74,"type":75},"If you need extra cash to cover a large purchase, pay for ","text",{"text":77,"type":75,"marks":78},"home improvements",[79],{"type":80,"attrs":81},"link",{"href":82,"uuid":83,"anchor":83,"custom":84,"target":85,"linktype":86},"https://www.bankrate.com/loans/home-improvement/rates/",null,{},"_blank","url",{"text":88,"type":75},", finance a wedding, or ",{"text":90,"type":75,"marks":91},"consolidate high-interest debt",[92],{"type":80,"attrs":93},{"href":94,"uuid":83,"anchor":83,"custom":95,"target":85,"linktype":86},"https://www.bankrate.com/personal-finance/debt/what-is-debt-consolidation/ ",{},{"text":97,"type":75},", you might want to consider a personal loan. Used wisely, a personal loan can help cover gaps in your budget without putting your home or other assets at risk.",{"type":71,"content":99},[100],{"text":101,"type":75},"As with other loans, interest rates for personal loans hinge on various aspects of your financial portfolio, including your credit score, payment history, and debt-to-income ratio. That means they’re not the right choice for everyone. But if you have some savings and decent money habits, a personal loan could be a valuable tool for getting your debts under control and reaching your other financial goals.",{"type":103,"attrs":104,"content":106},"heading",{"level":105},2,[107],{"text":108,"type":75,"marks":109},"Should I get a personal loan? Key takeaways:",[110],{"type":111},"bold",{"type":113,"content":114},"bullet_list",[115,127,136,145],{"type":116,"content":117},"list_item",[118],{"type":71,"content":119},[120],{"text":121,"type":75,"marks":122},"You can use a personal loan for almost any purpose, including debt consolidation, home improvements, and emergency expenses.",[123],{"type":124,"attrs":125},"styled",{"class":126},"no-margin-bottom",{"type":116,"content":128},[129],{"type":71,"content":130},[131],{"text":132,"type":75,"marks":133},"Personal loans typically have lower interest rates than most credit cards.",[134],{"type":124,"attrs":135},{"class":126},{"type":116,"content":137},[138],{"type":71,"content":139},[140],{"text":141,"type":75,"marks":142},"Applicants with high credit scores and low debt often get the lowest rates.",[143],{"type":124,"attrs":144},{"class":126},{"type":116,"content":146},[147],{"type":71,"content":148},[149],{"text":150,"type":75},"It’s important to have a clear repayment strategy any time you take out a personal loan.",{"type":103,"attrs":152,"content":153},{"level":105},[154],{"text":155,"type":75,"marks":156},"How do personal loans work?",[157],{"type":111},{"type":71,"content":159},[160],{"text":161,"type":75},"Personal loans are a type of credit issued by a bank, credit union, online lender, or other financial institution. Unlike mortgage loans or car loans, personal loans can be used for a wide variety of purposes. They’re considered installment loans, which means that if you’re approved, you’ll receive the loan in a single lump sum. You’ll then pay that money back (with interest) in monthly payments, or “installments,” over the life of the loan.",{"type":71,"content":163},[164,166,173],{"text":165,"type":75},"Once you pay off your personal loan in full, your account will be closed. This makes personal loans different from credit cards, which are a ",{"text":167,"type":75,"marks":168},"type of revolving credit",[169],{"type":80,"attrs":170},{"href":171,"uuid":83,"anchor":83,"custom":172,"target":85,"linktype":86},"https://www.forbes.com/advisor/personal-finance/what-is-a-line-of-credit/",{},{"text":174,"type":75},". If you pay off a credit card but need to make another purchase, you can just use the card again. If you pay off a personal loan but need more money, you’ll have to apply for a brand-new personal loan.",{"type":71,"content":176},[177],{"text":178,"type":75},"There are two types of personal loans: secured and unsecured.",{"type":113,"content":180},[181,191],{"type":116,"content":182},[183],{"type":71,"content":184},[185,189],{"text":186,"type":75,"marks":187},"Unsecured personal loans",[188],{"type":111},{"text":190,"type":75}," don’t require collateral. Rather, the lender decides whether or not you qualify based on your financial history and credit score. If you don’t qualify for an unsecured loan or want a lower interest rate, some lenders also offer secured loans.",{"type":116,"content":192},[193],{"type":71,"content":194},[195,199],{"text":196,"type":75,"marks":197},"Secured personal loans",[198],{"type":111},{"text":200,"type":75}," are backed by collateral, like a savings account or certificate of deposit (CD). If you don’t repay your secured loan on time, the lender could seize your asset as payment. This makes secured loans riskier for the borrower but less risky for the lender. For that reason, lenders typically offer lower interest rates for secured loans than they do for unsecured loans.",{"type":103,"attrs":202,"content":203},{"level":105},[204],{"text":205,"type":75,"marks":206},"When a personal loan makes sense",[207],{"type":111},{"type":71,"content":209},[210],{"text":211,"type":75},"A personal loan makes sense when all four of the following are true: ",{"type":213,"attrs":214,"content":216},"ordered_list",{"order":215},1,[217,226,235,244],{"type":116,"content":218},[219],{"type":71,"content":220},[221],{"text":222,"type":75,"marks":223},"You need cash for a specific, necessary expense — like remodeling a house or paying off high-interest credit cards.",[224],{"type":124,"attrs":225},{"class":126},{"type":116,"content":227},[228],{"type":71,"content":229},[230],{"text":231,"type":75,"marks":232},"You need the cash now.",[233],{"type":124,"attrs":234},{"class":126},{"type":116,"content":236},[237],{"type":71,"content":238},[239],{"text":240,"type":75,"marks":241},"Some debt is unavoidable.",[242],{"type":124,"attrs":243},{"class":126},{"type":116,"content":245},[246],{"type":71,"content":247},[248],{"text":249,"type":75},"It’s less expensive than other forms of credit.",{"type":71,"content":251},[252],{"text":253,"type":75},"Here’s a breakdown of some common situations that necessitate personal loans. Take a look through each example to help you further evaluate whether or not a personal loan makes sense for you.",{"type":103,"attrs":255,"content":257},{"level":256},3,[258],{"text":259,"type":75,"marks":260},"High-interest debt refinancing",[261],{"type":111},{"type":71,"content":263},[264],{"text":265,"type":75},"You can use a personal loan to do a DIY refinance of high-interest debts. Here’s how it works: you take a personal loan at a low or moderate interest rate, then use that cash to pay off your credit cards or other debts. When that’s done, you only have to worry about paying off your lower-interest-rate personal loan.",{"type":71,"content":267},[268,270,277],{"text":269,"type":75},"Personal loans are a good choice for refinancing because they typically have lower interest rates than short-term loans like title loans or payday loans. They’re also much less expensive to pay off than most credit card debt. As of Aug 2022, the ",{"text":271,"type":75,"marks":272},"average personal loan interest rate",[273],{"type":80,"attrs":274},{"href":275,"uuid":83,"anchor":83,"custom":276,"target":85,"linktype":86},"https://www.federalreserve.gov/releases/g19/current/",{},{"text":278,"type":75}," was 10.16%, while the average credit card rate was 18.43%. With that kind of difference, a personal loan could help you save a ton of money in interest charges.",{"type":71,"content":280},[281],{"text":282,"type":75},"For example, say you’re a borrower with good credit. You have two credit cards with a total balance of $30,000 and a combined interest rate of 18%. Right now, you pay $500 toward each card every month. However, if you refinance these debts by taking out a single personal loan with a 10% interest rate and a three-year term, you could save almost $4,000 over that time frame. You’ll also have a lower monthly payment and get out of debt faster.",{"type":71,"content":284},[285],{"text":286,"type":75},"Personal loans are also a better choice for debt refinancing than balance transfer cards. They’re typically processed more quickly than balance transfers, and they usually offer lower interest rates than you’ll find on most balance transfer cards. (Some balance transfer cards offer enticing, low-interest-rate introductory offers, but these usually end after a year, which could leave you with higher interest charges than you started with.) ",{"type":103,"attrs":288,"content":289},{"level":256},[290],{"text":291,"type":75,"marks":292},"Debt consolidation",[293],{"type":111},{"type":71,"content":295},[296],{"text":297,"type":75},"If you’re in a situation where you owe lots of different lenders, a personal loan can help you consolidate that debt, i.e., combine all your outstanding balances into one single bill. You can take out a personal loan, pay off your outstanding credit cards, and then make a single, simple payment to your new personal loan servicer each month. That makes your debt easier to manage, which could help you avoid accidental late fees and unnecessary interest charges.",{"type":103,"attrs":299,"content":300},{"level":256},[301],{"text":302,"type":75,"marks":303},"Emergency expenses",[304],{"type":111},{"type":71,"content":306},[307,309,316],{"text":308,"type":75},"If you need money right away and you don’t have an emergency fund available, personal loans could be a good option. They have a faster approval process than other types of loans, and they’re safer than title loans or payday loans, which are issued quickly but can have interest rates approaching 400%, ",{"text":310,"type":75,"marks":311},"per the Consumer Financial Protection Bureau",[312],{"type":80,"attrs":313},{"href":314,"uuid":83,"anchor":83,"custom":315,"target":85,"linktype":86},"https://www.consumerfinance.gov/ask-cfpb/what-is-a-payday-loan-en-1567/ ",{},{"text":317,"type":75},".",{"type":71,"content":319},[320],{"text":321,"type":75},"Many personal loan lenders offer same-day or next-day funding. Others will deposit the loan amount in your bank account within a few business days. Often, it’s better to wait the extra day or two to receive the funds than risk an expensive title or payday loan.",{"type":103,"attrs":323,"content":324},{"level":256},[325],{"text":326,"type":75,"marks":327},"When other types of loans won’t cover your expense  ",[328],{"type":111},{"type":71,"content":330},[331],{"text":332,"type":75},"Some loans are created for specific purposes, like student loans, mortgage loans, and auto loans. Personal loans, however, are very flexible. When another type of loan won’t cover your costs at a better rate, a personal loan is a viable option. Some common uses include:",{"type":103,"attrs":334,"content":336},{"level":335},4,[337],{"text":338,"type":75,"marks":339},"Home improvement or home repairs",[340],{"type":111},{"type":71,"content":342},[343],{"text":344,"type":75},"Whether it’s a renovation or repair, home improvement is a common reason to take out a personal loan, particularly if the project adds value to your home. However, you may want to look into Home Equity Lines of Credit (HELOC) first to see if you can get a better deal. ",{"type":103,"attrs":346,"content":347},{"level":335},[348],{"text":349,"type":75,"marks":350},"Weddings and funerals",[351],{"type":111},{"type":71,"content":353},[354],{"text":355,"type":75},"Some people take out personal loans to cover unexpected expenses like weddings or funerals. If you have a stable income and a watertight plan to pay the loan back, this can be a good way to cover big upfront costs.",{"type":103,"attrs":357,"content":358},{"level":335},[359],{"text":360,"type":75,"marks":361},"Vehicle financing",[362],{"type":111},{"type":71,"content":364},[365,372],{"text":366,"type":75,"marks":367},"Auto loans",[368],{"type":80,"attrs":369},{"href":370,"uuid":83,"anchor":83,"custom":371,"target":85,"linktype":86},"https://www.forbes.com/advisor/auto-loans/auto-loan-calculator/",{},{"text":373,"type":75}," are available if you’re looking to buy or lease a car, but personal loans could help you cover any gaps. Auto loans tend to have lower interest rates compared to personal loans, but they are secured loans that use your vehicle as collateral. If you’re worried about missing payments and your car getting repossessed, a personal loan might be a better option for you.",{"type":103,"attrs":375,"content":376},{"level":335},[377],{"text":378,"type":75,"marks":379},"Moving costs",[380],{"type":111},{"type":71,"content":382},[383],{"text":384,"type":75},"If you’re moving out of state, you may need extra cash to cover moving expenses. These can include the costs of packing, hiring movers, and transporting your belongings.",{"type":103,"attrs":386,"content":387},{"level":335},[388],{"text":389,"type":75,"marks":390},"Large purchases",[391],{"type":111},{"type":71,"content":393},[394],{"text":395,"type":75},"If your refrigerator breaks or you need to replace the engine in your car, a personal loan can provide relief. But before you use a personal loan for a big expense, do a little math to make sure taking out the loan will actually save you money in the long run. If an emergency car repair will help you save on rental car and ride-share costs, for example, it might be worth taking out a personal loan to cover it, even despite the loan’s interest charges and fees.",{"type":103,"attrs":397,"content":398},{"level":105},[399],{"text":400,"type":75,"marks":401},"When a personal loan doesn’t make sense",[402],{"type":111},{"type":71,"content":404},[405],{"text":406,"type":75},"While personal loans can be a saving grace in times of need, they might not always fit your personal finance goals. Avoid a personal loan when:",{"type":103,"attrs":408,"content":409},{"level":256},[410],{"text":411,"type":75,"marks":412},"You can’t afford it",[413],{"type":111},{"type":71,"content":415},[416],{"text":417,"type":75},"Remember, you’ll still need to pay this loan back. If you can’t afford the monthly payments for a new personal loan, try to avoid borrowing money if at all possible.",{"type":103,"attrs":419,"content":420},{"level":256},[421],{"text":422,"type":75,"marks":423},"You don’t really need it",[424],{"type":111},{"type":71,"content":426},[427],{"text":428,"type":75},"If you’re trying to cover a discretionary or “nice to have” expense like an extravagant vacation, expensive home remodel, or over-the-top wedding, reconsider. Try scaling your budget back or putting off these expenses until you have more cash on hand.",{"type":103,"attrs":430,"content":431},{"level":256},[432],{"text":433,"type":75,"marks":434},"You have bad credit",[435],{"type":111},{"type":71,"content":437},[438],{"text":439,"type":75},"When you apply for a personal loan, the lender will check your credit history to assess your creditworthiness. If you have poor credit, the lender might only be able to offer you a high interest rate. You may still qualify for a secured personal loan, but you’ll have to offer up collateral that the lender can claim if you don’t repay your loan on time. This collateral can include your car, home, or savings account. In these cases, it’s best to avoid taking out a personal loan.",{"type":103,"attrs":441,"content":442},{"level":256},[443],{"text":444,"type":75,"marks":445},"You’re paying off medical bills",[446],{"type":111},{"type":71,"content":448},[449],{"text":450,"type":75},"Personal loans are rarely the best option for paying off medical bills. Instead, try one of these low- or no-interest methods.",{"type":113,"content":452},[453,463,482],{"type":116,"content":454},[455],{"type":71,"content":456},[457,461],{"text":458,"type":75,"marks":459},"Payment plans:",[460],{"type":111},{"text":462,"type":75}," Ask your doctor’s office if you can set up a payment plan that splits a large bill into smaller monthly payments.",{"type":116,"content":464},[465],{"type":71,"content":466},[467,471,473,480],{"text":468,"type":75,"marks":469},"Medical bill advocates:",[470],{"type":111},{"text":472,"type":75}," ",{"text":474,"type":75,"marks":475},"Medical bill advocates",[476],{"type":80,"attrs":477},{"href":478,"uuid":83,"anchor":83,"custom":479,"target":85,"linktype":86},"https://www.patientadvocate.org/",{},{"text":481,"type":75}," negotiate down bills after an expensive procedure or hospital stay. They can also identify and dispute costly errors.",{"type":116,"content":483},[484],{"type":71,"content":485},[486,490],{"text":487,"type":75,"marks":488},"Medical credit card:",[489],{"type":111},{"text":491,"type":75}," Some doctor’s offices offer medical credit cards that have interest-free promotional periods. If you’re confident you can pay off the expense within that promotional period, these may be worth considering.",{"type":103,"attrs":493,"content":494},{"level":256},[495],{"text":496,"type":75,"marks":497},"There is a loan type dedicated to your expense",[498],{"type":111},{"type":71,"content":500},[501,503,510],{"text":502,"type":75},"Student loans, mortgages, home equity lines of credit (HELOC), and auto loans all offer better repayment terms than personal loans if you’re using them for their intended purposes. For example, if you’re hoping to pay for a home remodel, a HELOC might be the way to go (though this is a type of secured loan and therefore comes with some risk). If you’re hoping to refinance your student loans, you should first consider the many ",{"text":504,"type":75,"marks":505},"purpose-made loans",[506],{"type":80,"attrs":507},{"href":508,"uuid":83,"anchor":83,"custom":509,"target":85,"linktype":86},"https://navirefi.com",{},{"text":511,"type":75}," to reduce your student loan payments, and consider a personal loan a last resort.",{"type":103,"attrs":513,"content":514},{"level":256},[515],{"text":516,"type":75,"marks":517},"You intend to continue adding to your debt",[518],{"type":111},{"type":71,"content":520},[521],{"text":522,"type":75},"Some borrowers use a personal loan to pay off their credit card debt — only to continue spending recklessly afterward. It’s important to understand you will not be debt-free after using a personal loan to refinance; your debt will only be more manageable. Any time you take out a loan, make sure you have a clear, detailed plan for paying it off. If you don’t, it may be best to avoid taking out a personal loan at this time.",{"type":103,"attrs":524,"content":525},{"level":105},[526],{"text":527,"type":75,"marks":528},"Personal loan FAQs",[529],{"type":111},{"type":71,"content":531},[532],{"text":533,"type":75},"Ask yourself these questions to ensure you’re prepared for your new personal loan. ",{"type":103,"attrs":535,"content":536},{"level":256},[537],{"text":538,"type":75,"marks":539},"How will a personal loan affect my credit score?",[540],{"type":111},{"type":71,"content":542},[543,545,552,554,561],{"text":544,"type":75},"When you apply for a loan, the lender will pull your credit report as part of the application process. This is known as a “",{"text":546,"type":75,"marks":547},"hard inquiry",[548],{"type":80,"attrs":549},{"href":550,"uuid":83,"anchor":83,"custom":551,"target":85,"linktype":86},"https://www.creditkarma.com/advice/i/hard-credit-inquiries-and-soft-credit-inquiries",{},{"text":553,"type":75},",” and most credit bureaus will see it as a potential sign that you’re low on funds. As such, hard credit inquiries will usually lower your ",{"text":555,"type":75,"marks":556},"credit score",[557],{"type":80,"attrs":558},{"href":559,"uuid":83,"anchor":83,"custom":560,"target":85,"linktype":86},"https://www.creditkarma.com/credit-scores",{},{"text":562,"type":75}," by a few points.",{"type":71,"content":564},[565,567,574],{"text":566,"type":75},"Hard inquiries stay on your credit reports for about two years. Consider ",{"text":568,"type":75,"marks":569},"checking your rates",[570],{"type":80,"attrs":571},{"href":572,"uuid":83,"anchor":83,"custom":573,"target":85,"linktype":86},"https://fiona.com/partner/navientloans/loans",{},{"text":575,"type":75}," with lenders that conduct “soft inquiries,” which won’t impact your scores.",{"type":71,"content":577},[578],{"text":579,"type":75},"The good news is that if you decide to take out a personal loan and then make a series of on-time payments, this demonstrates responsible financial behavior. Over time, it can actually boost your credit score and improve your credit. ",{"type":103,"attrs":581,"content":582},{"level":256},[583],{"text":584,"type":75,"marks":585},"What credit score do I need to get a personal loan?",[586],{"type":111},{"type":71,"content":588},[589,591,598],{"text":590,"type":75},"Credit score requirements for personal loans vary by lender. Many give preference to borrowers with good or excellent credit scores (690 and above). With a ",{"text":592,"type":75,"marks":593},"FICO score above 760",[594],{"type":80,"attrs":595},{"href":596,"uuid":83,"anchor":83,"custom":597,"target":85,"linktype":86},"https://www.nerdwallet.com/article/loans/personal-loans/credit-score-need-get-personal-loan",{},{"text":599,"type":75},", you may qualify for annual percentage rates (APR) as low as 3.99%.",{"type":71,"content":601},[602,604,611,613,620],{"text":603,"type":75},"That said, you can get decent rates with a much lower score. The minimum credit score to qualify for a personal loan is ",{"text":605,"type":75,"marks":606},"usually 560 to 660",[607],{"type":80,"attrs":608},{"href":609,"uuid":83,"anchor":83,"custom":610,"target":85,"linktype":86},"https://www.consumer.equifax.ca/personal/education/credit-score/credit-score-personal-loan/",{},{"text":612,"type":75},". If your score is below this range, you may be able to apply with a cosigner to increase your likelihood of approval. You can use the ",{"text":614,"type":75,"marks":615},"Navient Marketplace",[616],{"type":80,"attrs":617},{"href":618,"uuid":83,"anchor":83,"custom":619,"target":85,"linktype":86},"https://marketplace.navient.com",{},{"text":621,"type":75}," to find options for virtually any credit score.",{"type":103,"attrs":623,"content":624},{"level":256},[625],{"text":626,"type":75,"marks":627},"Do personal loans have high fees?",[628],{"type":111},{"type":71,"content":630},[631],{"text":632,"type":75},"Some lenders charge a fee to cover the cost of processing the loan. Origination fees typically range from 1 to 6% of the loan amount. Lenders also often charge fees for late payments and bounced checks or account withdrawals. You may also face prepayment penalties if you repay your loan before the loan term is up. Most lenders will have all their fees clearly listed either online or in the contract so you can review them before you sign.",{"type":103,"attrs":634,"content":635},{"level":256},[636],{"text":637,"type":75,"marks":638},"How soon will I get funds from a personal loan?",[639],{"type":111},{"type":71,"content":641},[642],{"text":643,"type":75},"Personal loan disbursal times vary by lender. Some online lenders provide funds as quickly as the next day. 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May offer higher credit limits than a credit card.","\u003C!--#storyblok#{\"name\": \"_table_col\", \"space\": \"157494\", \"uid\": \"2774e5f8-39b2-4659-9b3f-45a4c8a18d0e\", \"id\": \"651798214\"}-->",{"_uid":734,"value":735,"component":727,"_editable":736},"19a7092b-cea1-431b-8642-6277d1ebef19","Useful if you need a higher credit limit or a low-cost cash advance.","\u003C!--#storyblok#{\"name\": \"_table_col\", \"space\": \"157494\", \"uid\": \"19a7092b-cea1-431b-8642-6277d1ebef19\", \"id\": \"651798214\"}-->","_table_row","\u003C!--#storyblok#{\"name\": \"_table_row\", \"space\": \"157494\", \"uid\": \"6221711a-3651-4d15-b400-f4c25a595e75\", \"id\": \"651798214\"}-->",{"_uid":740,"body":741,"component":737,"_editable":754},"0e60b468-8a98-487f-941a-e07cb9e76e26",[742,746,750],{"_uid":743,"value":744,"component":727,"_editable":745},"289bb1d6-43e2-4a95-ac7a-0760e241cf66","Credit card","\u003C!--#storyblok#{\"name\": \"_table_col\", \"space\": \"157494\", \"uid\": \"289bb1d6-43e2-4a95-ac7a-0760e241cf66\", \"id\": \"651798214\"}-->",{"_uid":747,"value":748,"component":727,"_editable":749},"d44ff956-3579-41d3-ab90-535bb5dee3e5","A line of credit that lets you borrow up to a certain limit on a rolling basis. Those with strong credit may receive low promotional rates, cash-back rewards, and other perks.","\u003C!--#storyblok#{\"name\": \"_table_col\", \"space\": \"157494\", \"uid\": \"d44ff956-3579-41d3-ab90-535bb5dee3e5\", \"id\": \"651798214\"}-->",{"_uid":751,"value":752,"component":727,"_editable":753},"13448381-32f8-41dd-8aa8-88a67ab11480","A good option if you prefer to borrow as needed and can afford to pay off your balance every month.","\u003C!--#storyblok#{\"name\": \"_table_col\", \"space\": \"157494\", \"uid\": \"13448381-32f8-41dd-8aa8-88a67ab11480\", \"id\": \"651798214\"}-->","\u003C!--#storyblok#{\"name\": \"_table_row\", \"space\": \"157494\", \"uid\": \"0e60b468-8a98-487f-941a-e07cb9e76e26\", \"id\": \"651798214\"}-->",{"_uid":756,"body":757,"component":737,"_editable":770},"d6794f6b-bbd4-41c4-9e18-f0444300204a",[758,762,766],{"_uid":759,"value":760,"component":727,"_editable":761},"79d66a18-409b-4c6c-a978-3816233c96b6","Home equity loan or home equity line of credit (HELOC)","\u003C!--#storyblok#{\"name\": \"_table_col\", \"space\": \"157494\", \"uid\": \"79d66a18-409b-4c6c-a978-3816233c96b6\", \"id\": \"651798214\"}-->",{"_uid":763,"value":764,"component":727,"_editable":765},"30e6580c-7ff6-4900-bd49-01b11a54d71c","A loan or line of credit that lets you borrow against the value of your home.","\u003C!--#storyblok#{\"name\": \"_table_col\", \"space\": \"157494\", \"uid\": \"30e6580c-7ff6-4900-bd49-01b11a54d71c\", \"id\": \"651798214\"}-->",{"_uid":767,"value":768,"component":727,"_editable":769},"c24d685f-b701-41b3-85f6-87dee00a5b14","Ideal if you have a lot of equity in your home and know you can avoid the risk of foreclosure. Best for funding projects that will increase home equity.","\u003C!--#storyblok#{\"name\": \"_table_col\", \"space\": \"157494\", \"uid\": \"c24d685f-b701-41b3-85f6-87dee00a5b14\", \"id\": \"651798214\"}-->","\u003C!--#storyblok#{\"name\": \"_table_row\", \"space\": \"157494\", \"uid\": \"d6794f6b-bbd4-41c4-9e18-f0444300204a\", \"id\": \"651798214\"}-->",{"_uid":772,"body":773,"component":737,"_editable":786},"4cdae78e-3ace-449f-ae6f-358ee50c89cc",[774,778,782],{"_uid":775,"value":776,"component":727,"_editable":777},"651bd6e2-799c-442e-ba97-ade584880305","Payday loan","\u003C!--#storyblok#{\"name\": \"_table_col\", \"space\": \"157494\", \"uid\": \"651bd6e2-799c-442e-ba97-ade584880305\", \"id\": \"651798214\"}-->",{"_uid":779,"value":780,"component":727,"_editable":781},"5724f02a-87f7-41b1-a143-47a75c525a85","A short-term, high cost loan, generally for $500 or less, that’s typically due on your next payday.","\u003C!--#storyblok#{\"name\": \"_table_col\", \"space\": \"157494\", \"uid\": \"5724f02a-87f7-41b1-a143-47a75c525a85\", \"id\": \"651798214\"}-->",{"_uid":783,"value":784,"component":727,"_editable":785},"f496d619-55ea-473f-a1a2-901af9469209","Only recommended if you know you can repay it right away, don’t have a bank account, or can’t provide collateral to take out another type of loan.","\u003C!--#storyblok#{\"name\": \"_table_col\", \"space\": \"157494\", \"uid\": \"f496d619-55ea-473f-a1a2-901af9469209\", \"id\": \"651798214\"}-->","\u003C!--#storyblok#{\"name\": \"_table_row\", \"space\": \"157494\", \"uid\": \"4cdae78e-3ace-449f-ae6f-358ee50c89cc\", \"id\": \"651798214\"}-->",[788,792,796],{"_uid":789,"value":18,"component":790,"_editable":791},"fcb52dab-6aac-4238-933a-6fefcffbc000","_table_head","\u003C!--#storyblok#{\"name\": \"_table_head\", \"space\": \"157494\", \"uid\": \"fcb52dab-6aac-4238-933a-6fefcffbc000\", \"id\": \"651798214\"}-->",{"_uid":793,"value":794,"component":790,"_editable":795},"a5377f9f-2c44-4766-87e6-b3c5806aafad","What it is","\u003C!--#storyblok#{\"name\": \"_table_head\", \"space\": \"157494\", \"uid\": \"a5377f9f-2c44-4766-87e6-b3c5806aafad\", \"id\": \"651798214\"}-->",{"_uid":797,"value":798,"component":790,"_editable":799},"c87039d8-73de-4c09-9e8a-701c39cf5d9b","What it's best for","\u003C!--#storyblok#{\"name\": \"_table_head\", \"space\": \"157494\", \"uid\": \"c87039d8-73de-4c09-9e8a-701c39cf5d9b\", \"id\": \"651798214\"}-->","table","TableComponent","100%","\u003C!--#storyblok#{\"name\": \"TableComponent\", \"space\": \"157494\", \"uid\": \"1859c494-2ecf-42bf-834b-ef47a0ef7db4\", \"id\": \"651798214\"}-->","\u003C!--#storyblok#{\"name\": \"Column\", \"space\": \"157494\", \"uid\": \"a230801e-c237-44f1-b604-7c6d3d2c57c3\", \"id\": \"651798214\"}-->",{"lg":59,"md":59,"sm":60,"_uid":806,"cols":60,"bloks":807,"alignSelf":662,"component":663,"_editable":848},"f020de37-15f6-4fa7-b569-84670b8d6dfb",[808],{"_uid":809,"color":65,"classes":66,"content":18,"richText":810,"component":655,"mobileClasses":656,"enableRichText":657,"richTextMobile":844,"_editable":847},"cd77267d-fb35-439c-ac18-351a5ec17a25",{"type":68,"content":811},[812,819,823,836],{"type":103,"attrs":813,"content":814},{"level":105},[815],{"text":816,"type":75,"marks":817},"Find the best personal loans with Navient Marketplace",[818],{"type":111},{"type":71,"content":820},[821],{"text":822,"type":75},"In many cases, personal loans can help you better manage your debt, consolidate your credit card balances, and pay for life’s unexpected events. However, it’s critical to understand all the pros and cons any time you consider borrowing money. You’ll also need to do your due diligence when it comes to rate shopping.",{"type":71,"content":824},[825,827,834],{"text":826,"type":75},"With Navient Marketplace, you can see all the best rates in one easy place. Instead of filling out painstaking applications for each separate loan, we’ll automatically match you with loan offers in real time. All you need to do is fill out a simple, secure form, and you’ll have all the best offers in front of you in seconds. ",{"text":828,"type":75,"marks":829},"Create a profile today",[830],{"type":80,"attrs":831},{"href":832,"uuid":83,"anchor":83,"custom":833,"target":85,"linktype":86},"https://marketplace.navient.com/",{},{"text":835,"type":75}," to find the best loans for your needs.",{"type":71,"content":837},[838],{"text":839,"type":75,"marks":840},"Disclaimer: This blog post provides personal finance educational information, and it is not intended to provide legal, financial, or tax advice.",[841],{"type":124,"attrs":842},{"class":843},"footer-text",{"type":68,"content":845},[846],{"type":71},"\u003C!--#storyblok#{\"name\": \"Typography\", \"space\": \"157494\", \"uid\": \"cd77267d-fb35-439c-ac18-351a5ec17a25\", \"id\": \"651798214\"}-->","\u003C!--#storyblok#{\"name\": \"Column\", \"space\": \"157494\", \"uid\": \"f020de37-15f6-4fa7-b569-84670b8d6dfb\", \"id\": \"651798214\"}-->","Row","\u003C!--#storyblok#{\"name\": \"Row\", \"space\": \"157494\", \"uid\": \"0737a92f-e416-438d-b8db-1c0e86499923\", \"id\": \"651798214\"}-->","blog-post-container mt-16","Container",[],"\u003C!--#storyblok#{\"name\": \"Container\", \"space\": \"157494\", \"uid\": \"222843d6-4c0d-4ac3-aa5f-7f579c49c5fe\", \"id\": \"651798214\"}-->",{"id":18,"lg":18,"md":18,"sm":18,"_uid":856,"cols":18,"height":18,"classes":857,"columns":858,"justify":18,"maxWidth":874,"component":875,"colClasses":876,"rowClasses":18,"mobileClasses":877,"backgroundColor":18,"backgroundImage":878,"containerClasses":18,"useBackgroundImage":44,"_editable":879},"33d3a06b-b58c-487e-92e7-fc588a9c1c78","mb-7",[859],{"_uid":860,"component":861,"backToTopBtn":862,"_editable":873},"c390fb05-75db-44ae-af73-2bbd7c809b57","BackToTop",[863],{"url":864,"_uid":866,"icon":867,"text":868,"color":32,"event":18,"sizing":869,"classes":870,"rounded":44,"outlined":44,"component":871,"textColor":685,"hoverBgColor":685,"mobileClasses":18,"hoverTextColor":696,"navigationType":18,"_editable":872},{"id":18,"url":18,"linktype":865,"fieldtype":691,"cached_url":18},"story","d87937d9-6d46-4da0-813d-437561563b18",{"id":83,"alt":83,"name":18,"focus":83,"title":83,"filename":18,"copyright":83,"fieldtype":694},"back to top",[],"letter-spacing-normal text-transform-none text-size-sub-1","Button","\u003C!--#storyblok#{\"name\": \"Button\", \"space\": \"157494\", \"uid\": \"d87937d9-6d46-4da0-813d-437561563b18\", \"id\": \"651798214\"}-->","\u003C!--#storyblok#{\"name\": \"BackToTop\", \"space\": \"157494\", \"uid\": \"c390fb05-75db-44ae-af73-2bbd7c809b57\", \"id\": \"651798214\"}-->","1240px","Grid","pl-0","ml-7",{"id":83,"alt":83,"name":18,"focus":83,"title":83,"filename":18,"copyright":83,"fieldtype":694},"\u003C!--#storyblok#{\"name\": \"Grid\", \"space\": \"157494\", \"uid\": \"33d3a06b-b58c-487e-92e7-fc588a9c1c78\", \"id\": \"651798214\"}-->","Personal Loans","BlogPost","https://www.marketplace.navient.com/blog/should-i-get-a-personal-loan/","\u003C!--#storyblok#{\"name\": \"BlogPost\", \"space\": \"157494\", \"uid\": \"24614723-3c23-4d4f-990b-c49a1b45edce\", \"id\": \"651798214\"}-->","should-i-get-a-personal-loan","navient_marketplace/blog/should-i-get-a-personal-loan",100,[],651751493,"3fcaf0e7-b708-4ba7-ba79-d1f36564101a","2023-02-28T18:40:14.783Z","default",[],{"name":894,"created_at":895,"published_at":896,"updated_at":897,"id":898,"uuid":899,"content":900,"slug":1645,"full_slug":1646,"sort_by_date":83,"position":1647,"tag_list":1648,"is_startpage":44,"parent_id":888,"meta_data":83,"group_id":1649,"first_published_at":1650,"release_id":83,"lang":891,"path":1651,"alternates":1652,"default_full_slug":83,"translated_slugs":83},"Is Term Life Insurance Worth It? ","2025-04-07T18:31:47.032Z","2025-12-26T13:45:17.144Z","2025-12-26T13:45:17.175Z",651798215,"fe49dba6-d386-4467-93e8-783e6aaf8970",{"seo":901,"_uid":20,"body":904,"author":48,"category":1642,"featured":44,"component":881,"canonicalTag":1643,"_editable":1644},{"_uid":15,"title":902,"plugin":17,"og_image":18,"og_title":18,"description":903,"twitter_image":18,"twitter_title":18,"og_description":18,"twitter_description":18},"Is Term Life Insurance Worth It? - Navient Marketplace","Is term life insurance worth it? Here's how to tell, plus alternatives if term life isn't right for you.",[905,914,1630],{"id":23,"_uid":24,"image":906,"intro":907,"author":27,"classes":908,"category":18,"featured":44,"blogTitle":894,"component":46,"imageLink":912,"blendImage":44,"authorRoute":48,"publishedDate":49,"backgroundColor":50,"_editable":913},"//a.storyblok.com/f/110029/800x600/e7cef91e10/is-term-life-insurance-worth-it.png","Some readers might wonder: is term life insurance worth it? Here’s how to decide if it’s the right fit for you.",[909],{"_uid":30,"component":31,"titleColor":32,"dateClasses":33,"titleClasses":34,"authorClasses":35,"subtitleColor":36,"titleMaxWidth":910,"subtitleClasses":37,"dateMobileClasses":38,"titleMobileClasses":39,"authorMobileClasses":40,"featuredMobileClasses":41,"subtitleMobileClasses":42,"_editable":911},"600","\u003C!--#storyblok#{\"name\": \"BlogHeroStyle\", \"space\": \"157494\", \"uid\": \"6bc0d925-925b-40e2-8cb5-ac30d0086187\", \"id\": \"651798215\"}-->","/images/is-term-life-insurance-worth-it.png","\u003C!--#storyblok#{\"name\": \"BlogHero\", \"space\": \"157494\", \"uid\": \"02557530-adb9-49fb-9319-277497a70cb8\", \"id\": \"651798215\"}-->",{"_uid":53,"bloks":915,"classes":851,"component":852,"mobileClasses":18,"containerContent":1628,"_editable":1629},[916],{"_uid":56,"bloks":917,"classes":18,"justify":662,"component":849,"mobileClasses":18,"_editable":1627},[918,1294,1323,1401],{"lg":59,"md":59,"sm":60,"_uid":61,"cols":60,"bloks":919,"alignSelf":662,"component":663,"_editable":1293},[920],{"_uid":64,"color":65,"classes":66,"content":18,"richText":921,"component":655,"mobileClasses":656,"enableRichText":657,"richTextMobile":1289,"_editable":1292},{"type":68,"content":922},[923,927,931,938,950,954,1033,1040,1044,1057,1061,1105,1109,1152,1159,1170,1244,1251,1255,1278,1285],{"type":71,"content":924},[925],{"text":926,"type":75},"Life is unpredictable. While no one likes to dwell on death, it’s important to have the right life insurance policy to protect your loved ones should the unthinkable occur.",{"type":71,"content":928},[929],{"text":930,"type":75},"The good news is that you can give yourself and your beneficiaries peace of mind at a relatively low cost. While standard whole life insurance often comes with high premiums, term life insurance can present an affordable alternative. Since this kind of insurance only covers you for a certain number of years before you have to renew, some readers might wonder: is term life insurance worth it? Here’s how to decide if it’s the right fit for you.",{"type":103,"attrs":932,"content":933},{"level":105},[934],{"text":935,"type":75,"marks":936},"What is term life insurance?",[937],{"type":111},{"type":71,"content":939},[940,942,949],{"text":941,"type":75},"Term life insurance is a type of life insurance that provides coverage for a fixed period of time. The policyholder pays premiums to the insurance company during this period, and if the insured dies within that time frame, their beneficiaries receive a lump sum payment. Term life insurance policies are usually available for 5- to 30-year terms. While the cost of the premiums will depend on the amount of coverage, term life insurance is generally less expensive than ",{"text":943,"type":75,"marks":944},"whole life insurance",[945],{"type":80,"attrs":946},{"href":947,"uuid":83,"anchor":83,"custom":948,"target":85,"linktype":86},"https://www.usnews.com/insurance/life-insurance/whole-life-insurance","[object Object]",{"text":317,"type":75},{"type":71,"content":951},[952],{"text":953,"type":75},"There are three main term life insurance options to choose from.",{"type":213,"attrs":955,"content":957},{"order":956},{"order":215},[958,986,1014],{"type":116,"content":959},[960],{"type":71,"content":961},[962,966,968,975,977,984],{"text":963,"type":75,"marks":964},"Decreasing Term Plan:",[965],{"type":111},{"text":967,"type":75}," Under this plan, your “",{"text":969,"type":75,"marks":970},"death benefit",[971],{"type":80,"attrs":972},{"href":973,"uuid":83,"anchor":83,"custom":974,"target":85,"linktype":86},"https://www.forbes.com/advisor/life-insurance/death-benefits/",{},{"text":976,"type":75},"” — or the disbursement your loved ones will receive when you pass away — decreases monthly or annually at a predetermined rate throughout the policy term. While the death benefit will diminish over time, your premium won’t change. For that reason, ",{"text":978,"type":75,"marks":979},"decreasing term plans",[980],{"type":80,"attrs":981},{"href":982,"uuid":83,"anchor":83,"custom":983,"target":85,"linktype":86},"https://www.bankrate.com/insurance/life-insurance/decreasing-term-insurance/",{},{"text":985,"type":75}," are potentially less affordable than other options. However, they can make sense if your beneficiaries are currently making loan or mortgage payments that you know will decrease over the course of the policy term.",{"type":116,"content":987},[988],{"type":71,"content":989},[990,994,996,1003,1005,1012],{"text":991,"type":75,"marks":992},"Annual Renewable Plan:",[993],{"type":111},{"text":995,"type":75}," This option allows you to renew your policy on a year-to-year basis without having to reapply or ",{"text":997,"type":75,"marks":998},"take a medical exam",[999],{"type":80,"attrs":1000},{"href":1001,"uuid":83,"anchor":83,"custom":1002,"target":85,"linktype":86},"https://www.forbes.com/advisor/life-insurance/medical-exam/",{},{"text":1004,"type":75},". However, your premium will increase each year while the amount of coverage remains the same. These plans can only be renewed up to a certain age, which varies by carrier. (Most insurance companies provide coverage for 18- to 65-year-olds. However, many will ",{"text":1006,"type":75,"marks":1007},"cover individuals up to age 85",[1008],{"type":80,"attrs":1009},{"href":1010,"uuid":83,"anchor":83,"custom":1011,"target":85,"linktype":86},"https://www.retireguide.com/life-insurance/buy/over-65/",{},{"text":1013,"type":75},".) An annual renewable plan may be best if you have beneficiaries with short-term debts that you know will be paid off within a few years.",{"type":116,"content":1015},[1016],{"type":71,"content":1017},[1018,1022,1024,1031],{"text":1019,"type":75,"marks":1020},"Level Term Plan:",[1021],{"type":111},{"text":1023,"type":75}," With a ",{"text":1025,"type":75,"marks":1026},"level term plan",[1027],{"type":80,"attrs":1028},{"href":1029,"uuid":83,"anchor":83,"custom":1030,"target":85,"linktype":86},"https://www.iii.org/article/what-are-different-types-term-life-insurance-policies",{},{"text":1032,"type":75},", both your premium and death benefit stay the same for the duration of your policy. Though this option may start out with higher premiums than you’d see on an annual renewable or decreasing term plan, it provides more consistent financial protection. Level term insurance is a good option for someone looking to cover their family's immediate expenses as well as any future expenses.",{"type":103,"attrs":1034,"content":1035},{"level":105},[1036],{"text":1037,"type":75,"marks":1038},"Term life insurance vs. whole life insurance",[1039],{"type":111},{"type":71,"content":1041},[1042],{"text":1043,"type":75},"Not all life insurance policies are created equal. Whole life insurance covers your family for your entire life. Term life insurance, on the other hand, offers more limited coverage, and you have to decide how long you anticipate needing the coverage for. The death benefit will be paid to your beneficiaries only if you die before the term is up.",{"type":71,"content":1045},[1046,1048,1055],{"text":1047,"type":75},"The other key difference between term and whole life insurance is the price. Whole life insurance is substantially more expensive than term insurance. In some cases, the annual premiums can be ",{"text":1049,"type":75,"marks":1050},"five to ten times",[1051],{"type":80,"attrs":1052},{"href":1053,"uuid":83,"anchor":83,"custom":1054,"target":85,"linktype":86},"https://www.forbes.com/advisor/life-insurance/comparing-term-life-vs-whole-life-insurance/",{},{"text":1056,"type":75}," more expensive. This makes whole life insurance cost-prohibitive for many Americans.",{"type":71,"content":1058},[1059],{"text":1060,"type":75},"Term life insurance might be a good option if you:",{"type":113,"content":1062},[1063,1072,1081,1090],{"type":116,"content":1064},[1065],{"type":71,"content":1066},[1067],{"text":1068,"type":75,"marks":1069},"Are looking for an affordable way to protect your family financially",[1070],{"type":124,"attrs":1071},{"class":126},{"type":116,"content":1073},[1074],{"type":71,"content":1075},[1076],{"text":1077,"type":75,"marks":1078},"Need coverage for your dependents for a finite period of time",[1079],{"type":124,"attrs":1080},{"class":126},{"type":116,"content":1082},[1083],{"type":71,"content":1084},[1085],{"text":1086,"type":75,"marks":1087},"Are seeking coverage to help your partner pay a mortgage and other monthly bills that have an expiration date",[1088],{"type":124,"attrs":1089},{"class":126},{"type":116,"content":1091},[1092],{"type":71,"content":1093},[1094,1096,1103],{"text":1095,"type":75},"Think you might want permanent life insurance in the future but can’t afford it right now. (Many term life policies can be ",{"text":1097,"type":75,"marks":1098},"converted to whole life coverage",[1099],{"type":80,"attrs":1100},{"href":1101,"uuid":83,"anchor":83,"custom":1102,"target":85,"linktype":86},"https://www.forbes.com/advisor/life-insurance/convert-term-life-to-permanent-life-insurance/",{},{"text":1104,"type":75},", though the deadline for conversion varies by policy.)",{"type":71,"content":1106},[1107],{"text":1108,"type":75},"Whole life insurance might be a good option if you:",{"type":113,"content":1110},[1111,1120,1129,1138],{"type":116,"content":1112},[1113],{"type":71,"content":1114},[1115],{"text":1116,"type":75,"marks":1117},"Want lifetime coverage starting now",[1118],{"type":124,"attrs":1119},{"class":126},{"type":116,"content":1121},[1122],{"type":71,"content":1123},[1124],{"text":1125,"type":75,"marks":1126},"Can afford a higher premium",[1127],{"type":124,"attrs":1128},{"class":126},{"type":116,"content":1130},[1131],{"type":71,"content":1132},[1133],{"text":1134,"type":75,"marks":1135},"Have a lifelong dependent, like a child with disabilities",[1136],{"type":124,"attrs":1137},{"class":126},{"type":116,"content":1139},[1140],{"type":71,"content":1141},[1142,1144,1150],{"text":1143,"type":75},"Want a life insurance with a ",{"text":1145,"type":75,"marks":1146},"cash value component",[1147],{"type":80,"attrs":1148},{"href":1149,"uuid":83,"anchor":83,"custom":948,"target":85,"linktype":86},"https://www.forbes.com/advisor/life-insurance/cash-value-life-insurance/",{"text":1151,"type":75}," (a savings account that you can withdraw from or borrow against while you are still alive)",{"type":103,"attrs":1153,"content":1154},{"level":105},[1155],{"text":1156,"type":75,"marks":1157},"The benefits of term life insurance",[1158],{"type":111},{"type":71,"content":1160},[1161,1168],{"text":1162,"type":75,"marks":1163},"Term life insurance",[1164],{"type":80,"attrs":1165},{"href":1166,"uuid":83,"anchor":83,"custom":1167,"target":85,"linktype":86},"https://www.moneygeek.com/insurance/life/term-life-insurance/",{},{"text":1169,"type":75}," is an excellent option for many families and individuals. Here are some of the benefits.",{"type":113,"content":1171},[1172,1184,1196,1208,1220,1232],{"type":116,"content":1173},[1174],{"type":71,"content":1175},[1176,1178,1182],{"text":1177,"type":75},"Term life insurance is ",{"text":1179,"type":75,"marks":1180},"more affordable ",[1181],{"type":111},{"text":1183,"type":75},"than other types of life insurance plans — often one-fifth the cost of whole life insurance.",{"type":116,"content":1185},[1186],{"type":71,"content":1187},[1188,1190,1194],{"text":1189,"type":75},"Term life insurance is straightforward and",{"text":1191,"type":75,"marks":1192}," easy to understand",[1193],{"type":111},{"text":1195,"type":75},": it simply provides a death benefit if you die within the paid policy term.",{"type":116,"content":1197},[1198],{"type":71,"content":1199},[1200,1202,1206],{"text":1201,"type":75},"It’s easy to add ",{"text":1203,"type":75,"marks":1204},"more coverage",[1205],{"type":111},{"text":1207,"type":75},". Most carriers let you easily up the coverage for your term by up to 10 times without incurring a huge premium increase.",{"type":116,"content":1209},[1210],{"type":71,"content":1211},[1212,1214,1218],{"text":1213,"type":75},"If you die during your policy term, your beneficiary or beneficiaries will receive a lump sum from the life insurance company. Just like with whole life insurance, the death benefit disbursement will be ",{"text":1215,"type":75,"marks":1216},"tax-free. ",[1217],{"type":111},{"text":1219,"type":75},"That means the recipient(s) can keep the full amount to use as needed.",{"type":116,"content":1221},[1222],{"type":71,"content":1223},[1224,1226,1230],{"text":1225,"type":75},"If you decide to cancel your term policy while it’s active, you can do so ",{"text":1227,"type":75,"marks":1228},"without incurring fees or penalties",[1229],{"type":111},{"text":1231,"type":75},". That can make it feel like less of a financial commitment than whole life insurance.",{"type":116,"content":1233},[1234],{"type":71,"content":1235},[1236,1238,1242],{"text":1237,"type":75},"Term life insurance policies are ",{"text":1239,"type":75,"marks":1240},"flexible",[1241],{"type":111},{"text":1243,"type":75},", offering many policy and payment options. You can choose to pay your premiums monthly, quarterly, biannually, or annually. You can also choose how long you need coverage; most life insurance companies offer terms anywhere from five to 30 years in length.",{"type":103,"attrs":1245,"content":1246},{"level":105},[1247],{"text":1248,"type":75,"marks":1249},"The disadvantages of term life insurance",[1250],{"type":111},{"type":71,"content":1252},[1253],{"text":1254,"type":75},"Though term life insurance is more affordable than whole life insurance — and offers more flexible coverage — it does come with some downsides.",{"type":113,"content":1256},[1257,1263],{"type":116,"content":1258},[1259],{"type":71,"content":1260},[1261],{"text":1262,"type":75},"Term life insurance has no cash value component. Unlike whole life policies (which come with a tax-deferred savings account), there is no way to invest any part of your term insurance premiums. All funds are put toward your death benefit; you can’t manage or grow them over time. This means that if you don't end up using your term insurance’s death benefit, then all those funds go straight down the drain.",{"type":116,"content":1264},[1265],{"type":71,"content":1266},[1267,1269,1276],{"text":1268,"type":75},"Term life insurance does not ",{"text":1270,"type":75,"marks":1271},"cover pre-existing conditions",[1272],{"type":80,"attrs":1273},{"href":1274,"uuid":83,"anchor":83,"custom":1275,"target":85,"linktype":86},"https://www.bankrate.com/insurance/life-insurance/pre-existing-conditions/",{},{"text":1277,"type":75}," or long-term care costs. That includes conditions like diabetes or cancer. So, if these were already present before you purchased coverage, then they'll never be covered by that plan — and neither will any future occurrences thereof. The same is true of long-term care coverage: if a beneficiary needs help taking care of themselves due to old age but hasn't purchased supplemental long-term care insurance before the need arises, then they're out of luck.",{"type":103,"attrs":1279,"content":1280},{"level":105},[1281],{"text":1282,"type":75,"marks":1283},"Who should consider term life insurance?",[1284],{"type":111},{"type":71,"content":1286},[1287],{"text":1288,"type":75},"Anyone looking to support their family's financial wellbeing should consider term life insurance. It is an affordable way to protect your loved ones in the event of a tragedy.",{"type":68,"content":1290},[1291],{"type":71},"\u003C!--#storyblok#{\"name\": \"Typography\", \"space\": \"157494\", \"uid\": \"a64c4df0-154e-4c12-b867-678d292709f4\", \"id\": \"651798215\"}-->","\u003C!--#storyblok#{\"name\": \"Column\", \"space\": \"157494\", \"uid\": \"c286affa-ee04-4348-8508-6e9f77932903\", \"id\": \"651798215\"}-->",{"lg":666,"md":18,"sm":666,"_uid":1295,"cols":666,"bloks":1296,"alignSelf":662,"component":663,"_editable":1322},"d7d3de2b-23e3-4c1e-b2ee-b081a5e85602",[1297],{"id":670,"_uid":1298,"fixed":657,"title":1299,"classes":678,"maxWidth":18,"subtitle":1305,"component":682,"titleClasses":683,"mobileClasses":684,"backgroundColor":685,"subtitleClasses":686,"checkYourRateBtn":1308,"_editable":1321},"c36bfdfa-35a4-462e-8162-d99ba3bf5870",{"type":68,"content":1300},[1301],{"type":71,"content":1302},[1303],{"text":1304,"type":75},"Search and compare to get a low rate and save.",{"type":68,"content":1306},[1307],{"type":71},[1309],{"url":1310,"_uid":1312,"icon":1313,"text":1314,"color":696,"sizing":1315,"classes":707,"rounded":44,"outlined":44,"component":708,"textColor":685,"hoverBgColor":685,"mobileClasses":709,"hoverTextColor":696,"navigationType":1319,"_editable":1320},{"id":18,"url":1311,"linktype":86,"fieldtype":691,"cached_url":1311},"https://www.leaplife.com/partner/navientlifeinsurance/life-insurance/","f63d0282-3e1b-43f5-b8a8-7e170de6e499",{"id":83,"alt":83,"name":18,"focus":83,"title":83,"filename":83,"copyright":83,"fieldtype":694},"Check It Out",[1316],{"_uid":1317,"width":700,"height":701,"fontSize":702,"component":703,"mobileWidth":704,"mobileHeight":701,"fontSizeMobile":705,"_editable":1318},"79c54504-09e8-4459-98e4-da98f16d575f","\u003C!--#storyblok#{\"name\": \"buttonSizing\", \"space\": \"157494\", \"uid\": \"79c54504-09e8-4459-98e4-da98f16d575f\", \"id\": \"651798215\"}-->",[],"\u003C!--#storyblok#{\"name\": \"CheckYourRateBtn\", \"space\": \"157494\", \"uid\": \"f63d0282-3e1b-43f5-b8a8-7e170de6e499\", \"id\": \"651798215\"}-->","\u003C!--#storyblok#{\"name\": \"BlogCTA\", \"space\": \"157494\", \"uid\": \"c36bfdfa-35a4-462e-8162-d99ba3bf5870\", \"id\": \"651798215\"}-->","\u003C!--#storyblok#{\"name\": \"Column\", \"space\": \"157494\", \"uid\": \"d7d3de2b-23e3-4c1e-b2ee-b081a5e85602\", \"id\": \"651798215\"}-->",{"lg":59,"md":59,"sm":60,"_uid":1324,"cols":60,"bloks":1325,"alignSelf":662,"component":663,"_editable":1400},"69f69cbc-1524-44b1-ab35-8db70a5c9bab",[1326],{"_uid":1327,"table":1328,"component":801,"tableWidth":802,"rowCellAlign":662,"footerContent":18,"includeFooter":44,"headerCellAlign":662,"_editable":1399},"f74ae5fb-f90f-4e6e-a3c3-3138a3b86808",{"tbody":1329,"thead":1390,"fieldtype":800},[1330,1342,1354,1366,1378],{"_uid":1331,"body":1332,"component":737,"_editable":1341},"6d9768af-e4bb-4ce2-ab79-68744b68ecbe",[1333,1337],{"_uid":1334,"value":1335,"component":727,"_editable":1336},"71756d2a-9cc0-42f3-8649-e39fe53a0496","Young Couples","\u003C!--#storyblok#{\"name\": \"_table_col\", \"space\": \"157494\", \"uid\": \"71756d2a-9cc0-42f3-8649-e39fe53a0496\", \"id\": \"651798215\"}-->",{"_uid":1338,"value":1339,"component":727,"_editable":1340},"6139eba4-8afd-4c65-a1b5-786cb0323fc5","Insurance may be the last thing on newlyweds’ minds, but this is actually the ideal time to buy term life coverage. The younger and healthier you are, the better your rates will be. A term life insurance payout can be used to replace lost income, pay down debts (including mortgage, car, and student loans), and cover future financial needs like childcare and education costs. ","\u003C!--#storyblok#{\"name\": \"_table_col\", \"space\": \"157494\", \"uid\": \"6139eba4-8afd-4c65-a1b5-786cb0323fc5\", \"id\": \"651798215\"}-->","\u003C!--#storyblok#{\"name\": \"_table_row\", \"space\": \"157494\", \"uid\": \"6d9768af-e4bb-4ce2-ab79-68744b68ecbe\", \"id\": \"651798215\"}-->",{"_uid":1343,"body":1344,"component":737,"_editable":1353},"4b32a122-fff0-4a9b-a6d3-e3c1b3437485",[1345,1349],{"_uid":1346,"value":1347,"component":727,"_editable":1348},"e91ff31e-9560-40d4-8a4d-047eeff26247","Sole Financial Providers","\u003C!--#storyblok#{\"name\": \"_table_col\", \"space\": \"157494\", \"uid\": \"e91ff31e-9560-40d4-8a4d-047eeff26247\", \"id\": \"651798215\"}-->",{"_uid":1350,"value":1351,"component":727,"_editable":1352},"681975cc-e3e6-41d5-94ec-f79f28b1d7d2","The loss of a single-income provider can be devastating to a family. Term life coverage can help the surviving family members replace the lost income, giving them time to stay home with children rather than going back to the workforce. Proceeds can also be used for everyday expenses, current and future childcare, and education costs.","\u003C!--#storyblok#{\"name\": \"_table_col\", \"space\": \"157494\", \"uid\": \"681975cc-e3e6-41d5-94ec-f79f28b1d7d2\", \"id\": \"651798215\"}-->","\u003C!--#storyblok#{\"name\": \"_table_row\", \"space\": \"157494\", \"uid\": \"4b32a122-fff0-4a9b-a6d3-e3c1b3437485\", \"id\": \"651798215\"}-->",{"_uid":1355,"body":1356,"component":737,"_editable":1365},"4be29729-d358-4dff-89a8-d28822f50a3c",[1357,1361],{"_uid":1358,"value":1359,"component":727,"_editable":1360},"508b5f0d-b4e2-48b2-9dff-f37d9299eb33","Individuals with Sizable Debt","\u003C!--#storyblok#{\"name\": \"_table_col\", \"space\": \"157494\", \"uid\": \"508b5f0d-b4e2-48b2-9dff-f37d9299eb33\", \"id\": \"651798215\"}-->",{"_uid":1362,"value":1363,"component":727,"_editable":1364},"58c6e473-448e-458f-98d8-160c6f91dce6","If you have significant debt, your designated beneficiary can use your death benefit proceeds to pay major expenses like a mortgage or student loan. This can save them from having to take on that debt themselves. The death benefit can also be used to replace income or provide financial support to surviving family members. ","\u003C!--#storyblok#{\"name\": \"_table_col\", \"space\": \"157494\", \"uid\": \"58c6e473-448e-458f-98d8-160c6f91dce6\", \"id\": \"651798215\"}-->","\u003C!--#storyblok#{\"name\": \"_table_row\", \"space\": \"157494\", \"uid\": \"4be29729-d358-4dff-89a8-d28822f50a3c\", \"id\": \"651798215\"}-->",{"_uid":1367,"body":1368,"component":737,"_editable":1377},"00d6ba6c-105c-4112-bc18-1a667cccceec",[1369,1373],{"_uid":1370,"value":1371,"component":727,"_editable":1372},"7c8f8a7f-6526-4c0c-a583-cdcd966bfe80","Stay-at-Home Parents","\u003C!--#storyblok#{\"name\": \"_table_col\", \"space\": \"157494\", \"uid\": \"7c8f8a7f-6526-4c0c-a583-cdcd966bfe80\", \"id\": \"651798215\"}-->",{"_uid":1374,"value":1375,"component":727,"_editable":1376},"a6d15a29-2346-48a9-89ff-d50e3a1e9d4c","Term life insurance can provide stay-at-home parents with added peace of mind. The benefit can be used as an income supplement or to pay for childcare or other expenses, like housing, healthcare, or property taxes. ","\u003C!--#storyblok#{\"name\": \"_table_col\", \"space\": \"157494\", \"uid\": \"a6d15a29-2346-48a9-89ff-d50e3a1e9d4c\", \"id\": \"651798215\"}-->","\u003C!--#storyblok#{\"name\": \"_table_row\", \"space\": \"157494\", \"uid\": \"00d6ba6c-105c-4112-bc18-1a667cccceec\", \"id\": \"651798215\"}-->",{"_uid":1379,"body":1380,"component":737,"_editable":1389},"19769c04-74f1-41a2-93ed-dfdfd47d7041",[1381,1385],{"_uid":1382,"value":1383,"component":727,"_editable":1384},"87acca3e-eb89-48bf-bcc3-668686f4d6c0","Business Owners","\u003C!--#storyblok#{\"name\": \"_table_col\", \"space\": \"157494\", \"uid\": \"87acca3e-eb89-48bf-bcc3-668686f4d6c0\", \"id\": \"651798215\"}-->",{"_uid":1386,"value":1387,"component":727,"_editable":1388},"8d418620-c611-4452-9d02-218539972814","Term life coverage can also provide financial security for your business interests. Your death benefit can be used to pay off debts, expenses, and outstanding taxes in case you pass away. (The exact details are usually spelled out in a buy-sell agreement contract, which is especially important if ownership or shares in the company are to be transferred to another person in the event of the policyholder’s death.) Business owners with valuable employees can also take out term life insurance on those employees. This is often called “key man insurance.” In this scenario, the business owner pays for the policy, and the company is the beneficiary, receiving the death benefit if the key employee dies.","\u003C!--#storyblok#{\"name\": \"_table_col\", \"space\": \"157494\", \"uid\": \"8d418620-c611-4452-9d02-218539972814\", \"id\": \"651798215\"}-->","\u003C!--#storyblok#{\"name\": \"_table_row\", \"space\": \"157494\", \"uid\": \"19769c04-74f1-41a2-93ed-dfdfd47d7041\", \"id\": \"651798215\"}-->",[1391,1395],{"_uid":1392,"value":1393,"component":790,"_editable":1394},"1b89559f-ec6f-473b-abf1-5a3777c25cdc","Customer Type","\u003C!--#storyblok#{\"name\": \"_table_head\", \"space\": \"157494\", \"uid\": \"1b89559f-ec6f-473b-abf1-5a3777c25cdc\", \"id\": \"651798215\"}-->",{"_uid":1396,"value":1397,"component":790,"_editable":1398},"ef60bc02-bd99-45dc-b8a9-6e0ac3aafc3e","Benefits","\u003C!--#storyblok#{\"name\": \"_table_head\", \"space\": \"157494\", \"uid\": \"ef60bc02-bd99-45dc-b8a9-6e0ac3aafc3e\", \"id\": \"651798215\"}-->","\u003C!--#storyblok#{\"name\": \"TableComponent\", \"space\": \"157494\", \"uid\": \"f74ae5fb-f90f-4e6e-a3c3-3138a3b86808\", \"id\": \"651798215\"}-->","\u003C!--#storyblok#{\"name\": \"Column\", \"space\": \"157494\", \"uid\": \"69f69cbc-1524-44b1-ab35-8db70a5c9bab\", \"id\": \"651798215\"}-->",{"lg":59,"md":59,"sm":60,"_uid":1402,"cols":60,"bloks":1403,"alignSelf":662,"component":663,"_editable":1626},"b3fee08a-02f4-44a7-9f6d-ca6f72cf1d3e",[1404],{"_uid":1405,"color":65,"classes":66,"content":18,"richText":1406,"component":655,"mobileClasses":656,"enableRichText":657,"richTextMobile":1622,"_editable":1625},"91a26953-a69d-496e-a5f9-64b8adbc7c50",{"type":68,"content":1407},[1408,1415,1419,1423,1430,1434,1441,1453,1460,1464,1471,1475,1480,1490,1525,1530,1539,1544,1562,1567,1571,1576,1589,1596,1600,1616],{"type":103,"attrs":1409,"content":1410},{"level":105},[1411],{"text":1412,"type":75,"marks":1413},"Who probably doesn't need term life insurance?",[1414],{"type":111},{"type":71,"content":1416},[1417],{"text":1418,"type":75},"If you don't have dependents, then the rate of return on your premiums may not be worth it. Consider the cost of paying the premium versus the benefits your beneficiary will receive if something happens to you. For example, if your family doesn't need your life insurance payout because they're financially secure, and your term life insurance premiums may cause you a significant burden, it may not be worth taking out an individual policy.",{"type":71,"content":1420},[1421],{"text":1422,"type":75},"Another group who may not want a term policy is young people without dependents who are at peak health. If this describes your situation, then there's probably no need for life insurance coverage at this time. Instead of paying premiums, it may be better to save your money and allocate it to a different investment vehicle for the time being.",{"type":103,"attrs":1424,"content":1425},{"level":105},[1426],{"text":1427,"type":75,"marks":1428},"How long will I need term life insurance for?",[1429],{"type":111},{"type":71,"content":1431},[1432],{"text":1433,"type":75},"The length of time you’ll need life insurance depends on your age, health, and family situation. If you're young and healthy, a 15- or 20-year term might be sufficient to cover a mortgage and other debts for your family members if something happened to you. If your savings are tied up in other assets — including individual retirement accounts (IRAs), 401(k)s, or stock investments that may continue to grow over time — you may want to consider a longer-term policy. This may be necessary to meet all of your dependents’ future financial needs while they have no income. The term length will also depend on how much income is needed each year, as well as what kind of lifestyle your dependents want to maintain without having to work more than is necessary.",{"type":103,"attrs":1435,"content":1436},{"level":105},[1437],{"text":1438,"type":75,"marks":1439},"How much does term life insurance cost?",[1440],{"type":111},{"type":71,"content":1442},[1443,1445,1452],{"text":1444,"type":75},"Life insurance premiums vary widely depending on a number of factors. These include your age, medical history, term length, and the total amount of coverage. Usually, the bigger your benefit, the higher the premium will be. Premiums can be paid monthly, quarterly, or annually depending on what type of policy you choose. Premiums may also vary according to your state’s particular regulations. The best way to get an idea of what term life insurance would cost for you is to request a ",{"text":1446,"type":75,"marks":1447},"free estimate online",[1448],{"type":80,"attrs":1449},{"href":1450,"uuid":83,"anchor":83,"custom":1451,"target":85,"linktype":86},"https://www.leaplife.com/partner/navientlifeinsurance/life-insurance",{},{"text":317,"type":75},{"type":103,"attrs":1454,"content":1455},{"level":105},[1456],{"text":1457,"type":75,"marks":1458},"How are claims paid out?",[1459],{"type":111},{"type":71,"content":1461},[1462],{"text":1463,"type":75},"In the event of a policyholder’s death, claims are paid out by the life insurance company. The company is regulated by state law, as well as by federal law and organizations such as the NAIC (National Association of Insurance Commissioners). In most cases, if you die before your policy expires, your beneficiaries receive a death benefit. This can be paid directly to them or used to cover your outstanding debts so that they don’t have to worry about them after your passing.",{"type":103,"attrs":1465,"content":1466},{"level":105},[1467],{"text":1468,"type":75,"marks":1469},"Alternatives to term life insurance",[1470],{"type":111},{"type":71,"content":1472},[1473],{"text":1474,"type":75},"Aside from term life insurance and whole life insurance, there are several other life insurance alternatives to choose from. (As a reminder, whole life insurance provides permanent coverage. It comes with a fixed death benefit and level premiums, and it provides a cash value account that can grow over time, tax-deferred.)",{"type":103,"attrs":1476,"content":1477},{"level":256},[1478],{"text":1479,"type":75},"Universal life insurance",{"type":71,"content":1481},[1482,1488],{"text":1479,"type":75,"marks":1483},[1484],{"type":80,"attrs":1485},{"href":1486,"uuid":83,"anchor":83,"custom":1487,"target":85,"linktype":86},"https://www.usnews.com/insurance/life-insurance/universal-life-insurance",{},{"text":1489,"type":75}," is a type of permanent life insurance (similar to traditional whole life insurance). With a universal life policy, the insured person is covered for the duration of their life as long as they pay premiums and fulfill other eligibility requirements. These plans are a great option if you want part of your policy to function as a savings account. Unlike whole life insurance, the premiums and death benefit are flexible rather than fixed. This type of coverage may also come with more fees than whole life insurance. There are a few additional features:",{"type":113,"content":1491},[1492,1501,1510,1519],{"type":116,"content":1493},[1494],{"type":71,"content":1495},[1496],{"text":1497,"type":75,"marks":1498},"You can withdraw money or borrow against the policy's cash value.",[1499],{"type":124,"attrs":1500},{"class":126},{"type":116,"content":1502},[1503],{"type":71,"content":1504},[1505],{"text":1506,"type":75,"marks":1507},"You can earn interest on the cash value component of your policy.",[1508],{"type":124,"attrs":1509},{"class":126},{"type":116,"content":1511},[1512],{"type":71,"content":1513},[1514],{"text":1515,"type":75,"marks":1516},"You have some flexibility with your premiums.",[1517],{"type":124,"attrs":1518},{"class":126},{"type":116,"content":1520},[1521],{"type":71,"content":1522},[1523],{"text":1524,"type":75},"You can adjust the death benefit — however, you may be required to take a medical exam to do so.",{"type":103,"attrs":1526,"content":1527},{"level":256},[1528],{"text":1529,"type":75},"Variable life insurance",{"type":71,"content":1531},[1532,1534,1536,1537],{"text":1533,"type":75},"Variable life insurance is a type of coverage that provides more flexibility than other types of life insurance and gives policyholders more say in their premium investments. Unlike whole life insurance, the policyholder must take an active role in deciding on investment options. If you don’t have solid investing knowledge already, this may feel like a big decision.",{"type":1535},"hard_break",{"type":1535},{"text":1538,"type":75},"When you purchase this type of policy, you’ll receive a prospectus laying out all your investment options. The most common way to invest your premiums is in mutual funds. You may also be able to invest in index funds, equities, bonds, or money market funds.",{"type":103,"attrs":1540,"content":1541},{"level":256},[1542],{"text":1543,"type":75},"Indexed universal life insurance",{"type":71,"content":1545},[1546,1552,1554,1555,1556,1558,1559,1560],{"text":1543,"type":75,"marks":1547},[1548],{"type":80,"attrs":1549},{"href":1550,"uuid":83,"anchor":83,"custom":1551,"target":85,"linktype":86},"https://www.investopedia.com/articles/personal-finance/012416/pros-and-cons-indexed-universal-life-insurance.asp",{},{"text":1553,"type":75}," allows you to adjust your premiums to maximize your cash policy’s cash value. This is a type of permanent coverage, which means it lasts your entire life and includes a cash value account that typically grows tax-deferred.",{"type":1535},{"type":1535},{"text":1557,"type":75},"Unlike other types of universal life insurance, an indexed policy ties your cash value account to a specific stock index, such as the S&P 500 or Dow Jones Industrial Average. ",{"type":1535},{"type":1535},{"text":1561,"type":75},"Unlike whole life insurance, an indexed policy offers flexible premiums and death benefits. That can provide more potential to grow your money. However, this type of policy can be risky, as the stock market has been known to fluctuate wildly.",{"type":103,"attrs":1563,"content":1564},{"level":256},[1565],{"text":1566,"type":75},"Guaranteed life insurance",{"type":71,"content":1568},[1569],{"text":1570,"type":75},"Guaranteed life insurance is a type of whole life insurance that allows policyholders to get coverage without taking a health exam. If someone with significant health concerns isn’t accepted by other insurance policies, guaranteed life insurance can be a good option. However, keep in mind that guaranteed life insurance policies require higher premium payments. Because these policies are riskier for life insurance companies, they charge higher rates and provide a smaller death benefit.",{"type":103,"attrs":1572,"content":1573},{"level":256},[1574],{"text":1575,"type":75},"Final expense life insurance",{"type":71,"content":1577},[1578,1580,1587],{"text":1579,"type":75},"While many life insurance options include funeral expenses, ",{"text":1581,"type":75,"marks":1582},"final expense insurance",[1583],{"type":80,"attrs":1584},{"href":1585,"uuid":83,"anchor":83,"custom":1586,"target":85,"linktype":86},"https://www.funeralbasics.org/myth-fact-truth-final-expense-plans/",{},{"text":1588,"type":75}," covers only funeral expenses and other end-of-life costs. Final expense coverage is usually guaranteed (i.e., there’s no required medical exam). However, the premiums are generally expensive despite the limited coverage.",{"type":103,"attrs":1590,"content":1591},{"level":105},[1592],{"text":1593,"type":75,"marks":1594},"Explore term life insurance with Navient Marketplace",[1595],{"type":111},{"type":71,"content":1597},[1598],{"text":1599,"type":75},"There are key differences between term and whole life insurance policies that boil down to cost, coverage, and cash value benefits. The best option for you will vary depending on your family circumstances and budget.",{"type":71,"content":1601},[1602,1604,1610,1612,1613,1614],{"text":1603,"type":75},"Once you’ve decided which type of life insurance is right for you, it’s time to start looking at your options. If you’re ready to start shopping for life insurance plans, head to the",{"text":1605,"type":75,"marks":1606}," Marketplace by Navient",[1607],{"type":80,"attrs":1608},{"href":832,"uuid":83,"anchor":83,"custom":1609,"target":85,"linktype":86},{},{"text":1611,"type":75}," to get free life insurance quotes. It’s a robust platform that can help you compare and contrast some of the best life insurance companies on the market. And, of course, consider speaking to your life insurance agent to get more guidance. ",{"type":1535},{"type":1535},{"text":1615,"type":75},"Life insurance doesn’t have to be complicated. 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