| 3 Reasons to Consider Buying Term Life Insurance |
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| Written by Mike Carselle |
| Tuesday, 20 April 2010 12:24 |
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When you are putting together your financial planning portfolio, one of the most boring aspects of it is life insurance. You've been told a hundred times that you should have life insurance, but what kind of life insurance should you buy?
When you are putting together your financial planning portfolio, one of the most boring aspects of it is life insurance. You've been told a hundred times that you should have life insurance, but what kind of life insurance should you buy? 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 life insurance accomplishes the objective for buying life insurance in the first place When you buy life insurance, your main goal is to cover your loved ones in the unfortunate event that something were to happen to you, and there is no reason to turn the insurance policy into anything other than that. Term life does everything a life insurance policy should-it covers your loved ones during the time that they need coverage. 2. Term life insurance is far cheaper than whole life insurance Not only will term insurance do exactly what a life insurance policy should, it is also a lot less expensive than whole life insurance. In many cases, you can save hundreds per month for the same dollar amount of protection with a term policy. 3. Term life insurance takes care of your life insurance needs in a more affordable way, giving you more control over the rest of your financial plan Instead of putting hundreds of dollars every month into a whole life policy where you will have very little idea what the return on investment is, take the money you save every month and invest it in IRAs or some other investment that will give you more freedom and flexibility with your money. For the majority of people, the best move is to "buy term and invest the rest." Compare prices today and see what kind of life insurance policy is best for your family. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Compare low cost life insurance quotes today, and take the first step toward securing your family's financial future at www.lifeinsurancequotetoday |