Why Term Life is Best for Most of Us
Because of the affordable rates associated with term life, term life is best for most people searching for life insurance. You might be saying we need more data, more information to make a decision, and you are right.
Term life insurance is structured in such a way that unless you are wealthy, have your house paid off, or are about to inherit lots of money, chances are term is for you.
If you are an avid investor and want the highest return on your money, then look into a variable life insurance product. Variable products are more complex and deserve special study, so don’t hurry into getting one.
If you are looking to invest your money into a low yield policy that also offers life insurance then a whole life product may work better for you. Whole life policies offer you the advantage of getting the money back that you put into it. But obviously they are substantially more expensive than a term life product.
Negative to Term Life
Term life insurance has one major negative; you lose the money that you put into the policy.
A term life policy covers you only for the term that you purchased it. This is usually a term of 10, 20, or 30 years. The benefit though, is that the rates are extremely affordable especially for younger purchasers.
Term Life Still best for most of us
If you are in good health, don’t have your house paid for, don’t have a huge savings account, and do have someone you want to take care of in the event of your death – term life is probably a great fit.
If you have children, a spouse, grandchildren, and are less than 65 there’s a good chance that term life insurance is going to be the most economical.
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