Should I Buy Term Life Insurance?
Here's the truth about Term Life Insurance....
Term Life Insurance is a good investment if you are actually going to "Buy Term and Invest the Rest". (A phrase most financial advisors will try and drill into your head). What this phrase means is that term insurance does cost less than a whole life insurance policy, but having a term policy is going to satisfy your needs only if you invest the money you save by buying term instead of whole life.
A term policy only lasts a certain number of years. Let's say, 5, 10, 15, 30 years, etc. Let's say you purchase a term policy to cover you for 15 years instead of buying a whole life policy. You originally purchased the term policy because you were going to invest the difference between the two policies. Okay, let's be realistic. How many people are actually going to invest that difference? Think of all the things that can happen to a person in 15 years. You could have a heart attack, a car accident...ANYTHING! How will you be able to get life insurance when your 15 year policy is up? YOU WON'T! Or else you'll be paying a HUGE premium!!
A REAL example I have of this.....
A couple in their mid-40's wanted to renew a 20 year term policy they bought when they were newly weds in their 20's. Their premium was around $45 a month for the original policy. Since then, they've both put on a little weight and one has high blood pressure, but other than that they are "healthy". To renew their term policy at their age would have been around $700 a month!! Can you believe it?
My best advice is to buy a Whole Life insurance policy and pay the extra premium, or buy a whole life policy and supplement it with a term policy.
Option 1: Buy a whole life policy with an amount that will protect your family's finances if anything should happen to you. By this I mean make sure there is enough to pay off a mortgage, college loans, car payments, burial expenses, etc. Option 2: Buy the term policy for a higher amount to cover you during your income producing years. Then at the same time, also buy a whole life policy to cover you after that term policy has expired. Buying insurance this way will save you a lot of time and money in the long run.
If you are interested in finding out how much Term Insurance or Whole Life Insurance will cost you, please click on the link provided to visit Quotes Auction where you can get a great quote and talk to a real person!
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