The Little Known Advantages of Term Life Insurance

We've all had to make those intimidating purchases. You know, those purchases that make you feel like you're signing away your life in blood. And all those people standing around telling you to sign here . . . and here . . . and there. You pause because you want to read all the fine print, but they just push you through it. I know, I know . . . we're supposed to read everything we sign. But they are the professionals, right? I'm talking about the ones standing over your shoulder and pushing you though the closing of your first home or having you sign that paper work for that first new car purchase. We trust these people to give us good advice and to help us. And it just leaves a nasty taste in your mouth once you find out they just pulled a fast one on you.

Many big decisions will rest outside of our knowledge and comfort level, so we will need to consult outside help. So, even when we know we might be taken advantage of, we feel compelled to trust professionals to assist us. We all hope someone will be trustworthy and unequivocal in their dealings with us. But unfortunately, this isn't always true.

The world of insurance isn't any different. Insurance is another one of those essentials that you need. But if you choose poorly, you can get ripped off in a huge way. And worse, many people find themselves put off by the expensive cost of whole life insurance and choose to neglect the protection their family needs. But, there might be a dirty little secret that your insurance agent isn't telling you. Among the professionals, term life insurance is known for being the cheapest and most efficient alternative to permanent or whole life insurance. The affordable price of term life just simply can't be beat.

With term life insurance, you choose how long the policy will be. This could be, for one, five, ten or 30 years. Next, you pay a small monthly cost — as little as $8 — and choose the amount of insurance you want. This can range from $100,000 into the millions; it's up to you to decide the amount. Finally, you have the freedom of choosing your beneficiaries in the event of your passing.

Now I admit, none of us want to dwell on our lives ending, but you know you love those who depend on you. You care about them and want to make sure they don't have the double burden of morning your loss AND fighting debts they can't handle. Life is tough. It's an unfortunate fact, but collectors will say to your surviving family members, "Aw, we're so sorry for your loss — now about that mortgage payment you owe us . . . when can you get that in to us?" With an affordable term life policy, the bereavement allowance will be paid to any selected beneficiaries and your family can know that they are protected.

I'll admit, term life policies sometimes come across as "cheap" — in quality. For that reason, many say that whole life insurance beats out term life. But, anything has poor quality if you pick a bad product. You can get a poor quality whole life police, too. Actually, whole life just isn't cost effective when placed next to a good quality term life policy. Agents who sell whole life policies like to keep the secret advantages of term life . . . well . . . a secret.

See, a term life insurance policy of $200,000 can cost a "30 something" about 30 bucks a month. But, for that same fee, a whole life policy will only provide $30,000 of protection. That's a difference of $170,000 in your policy! Did the agent tell you that? This price difference comes from the fact that whole life insurance policies claim to build cash value by investing your premiums in the markets. Sure, you can "borrow" against any value the markets give your policy. But, what if the companies investments bomb? Can you afford to risk the future protection for your family in such a way?

Term life insurance brings your family's protection within easy reach. Don't leave your family unprotected just because you didn't know you could afford quality life insurance. Of course, you need to investigate any policy you plan to purchase. Make sure it's right for you. Preserve your hard earned money and protect your family. Don't let some "professional" make your hard earned money work for themselves when your own money should always be working for you.