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7 months ago · by · 8 comments

Tips to Help You Choose Life Insurance

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When it comes to life insurance, opinions tend to take precedence over the facts; term life insurance is viewed as affordable, while whole life insurance is considered secure.

Unfortunately, like most things in life, the actual situation is somewhat more complex.

Discover the truth about whole life insurance and whether or not it is the right move for your portfolio, based on these facts.

Permanent Coverage

Unlike term life insurance, whole life policies are permanent.

Once the initial term is completed, term life coverage might become more expensive, whereas whole life tends to become more competitively priced over the long run.

All or Nothing

Whole life insurance offers a death benefit just like term life but also provides additional protection in the form of “cash value.” Unlike a term life policy that pays nothing unless you die, whole life policies allow you to recapture or “cash in” a portion of what you invested over the years.

Additional Savings

Another attractive feature of whole life insurance is the ability to borrow from the policy in the event you need a loan. Because a portion of the money is set aside into a savings account, whole life policies can provide additional funds in the event of an emergency or even serious illness.

Bottom Line

Most experts agree, if you are short on cash or need a policy for less than 10 years, term life insurance is typically the most affordable route. For those who require more than 10 years of coverage or can invest a larger portion of their income up front, whole life often provides valuable protection over the long term. Ask your agent for a comparative price quote demonstrating the long-term cost as well as the benefit of each policy option; you might be surprised to learn how affordable whole life insurance is when used as a financial planning tool.

 

Comments

  1. Emma says:

    Life insurance is something I dont have but I know I need! Thanks for all thereat tips – it’s really given me something to think about.

    1. Mrs. Mapp says:

      You’re welcome. You can always start with a small policy and work your way up. Something is better than nothing.

  2. Danay says:

    I was surprised at how many people I know don’t have life insurance after my brother’s untimely death. It was a huge moment of awakening for all of us who think we’re too young to have it. Thanks for bringing up the subject. No one wants to talk about it but it’s there.

    1. Mrs. Mapp says:

      I believe this should a conversation yearly with the family because our expenses goes up each year. This way, your family is truly protected and secure.

  3. Danielle says:

    I need to look more into life insurance. I used to have it with my previous employer, but have no idea where it stands or if it’s still working for me since I left that company. I’m certainly not contributing to anything right now, so I need to check into this.

    1. Mrs. Mapp says:

      I suggest you should check with your ex-employer to see if you can take over the policy if you can. Thanks for reading.

  4. I’m at the age where I really need to start thinking about these options and what they really mean for me, but I have no clue where to start. I love that you have the information listed here and that you break down the comparisons so well. For me, I think the idea of insurances that has longevity is the best route, especially if I can borrow from it. Still a lot more for me to think about, but I’m glad you gave me a starting point with this post!

    1. Mrs. Mapp says:

      I’m glad that when you go looking for insurance, you have a starting point to build on. I totally agree about longevity is always best no matter what age.

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