30 Year Life Insurance

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There seems to be a surge in the purchase of 30 year life insurance. Why 30 year term? I believe the best way to discuss this is to examine what this policy does.

• Continuing Family Income

  The 30 year term policy can guarantee that the income continues to the survivors even if you are not here. Let us face it your income played a big part in creating the lifestyle your family now enjoys. Surely you want it to continue after your death.

  You want them to have a home without a mortgage. They still have to eat and wear nice clothing. They would like to at least keep the same car. In fact it would be nice if they could change it just as often as you had in the past.

  If your spouse depends on your income in any way you certainly would like that to continue even if s/he also works outside of the home. The 30 year term life policy can do all these things and more.

  Just a couple of recommendations. When you buy your policy be certain that it is either guaranteed renewable or that is is convertible to permanent life insurance at some time. The reason is that you may want to continue your coverage past the 30 year limit.

  If you can still qualify that is okay but if you can't you will find yourself in a similar position to many uninsured people. So be certain that if you need it you will have it.

• How The Policy Works

  The better 30 year life insurance policies have a level premium throughout as well as a level death benefit. Upon your death regardless of how you die, other than by suicide, the face amount of the policy will be paid.

  The death benefit can be paid in one lump sum or in income form. the policy pays if you commit suicide only if you have paid past the contestable period which is usually about 2 years.

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