subject: 3 Reasons To Buy Term Life Insurance [print this page] One of the least exciting parts of setting up your future financial plan is getting a life insurance policy. You probably have been told the importance of having life insurance in your portfolio, but you might be confused about which type of life insurance you should have.
Well, if you talk to most insurance agents, they will recommend a whole life policy-a policy with a higher monthly premium that gains cash value over the life of the policy.
However, if you talk to most other financial experts, they will advise term life insurance-the kind with the low monthly premium that only pays a benefit upon the death of the policy holder.
I would fall into the latter group and recommend term insurance, and I will give you 3 reasons:
1. Term insurance does what life insurance is meant to do
The purpose of life insurance is to make sure your loved ones are protected in the case of your untimely death, so why complicate matters by turning the policy into an investment vehicle? With term insurance, you can cover your loved ones during the period of time they need the coverage, which is why you are buying it in the first place.
2. A term life policy is far more affordable than a whole life policy
Term life insurance not only does exactly what life insurance is supposed to do, it does it at a much cheaper price than whole life-in some cases, the same amount of coverage can be hundreds of dollars per month less with term life insurance.
3. A term life policy covers your loved ones in the most cost effective way, allowing you greater control with the remainder of your financial portfolio
Why commit hundreds of dollars monthly into a policy where much of that money goes to policy maintenance fees and it is very difficult to tell what kind of return you can expect on your investment. You'd be better off taking that money and putting it into investments that suit your family's needs and give you more flexibility and freedom with your money.
So for most of us, the best plan is to protect our families with term insurance and invest the money we save into the financial vehicle of our choice. Decide for yourself what kind of life insurance is right for you by comparing rates today.
by: Mike Carselle
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