Buy Term Life Insurance For Now

Will Term Life Insurance Last Long Enough?

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Why do many people buy term life insurance? Perhaps the best argument for term insurance is that it is the cheapest type of life policy you can get. That is a good point. Some people buy only term policies, they would never consider buying any other type of life insurance coverage.

Is this wise? You be the judge. As I said before term life is cheaper than permanent life insurance but there is one other aspect of term that needs more attention than it gets. Term insurance provides coverage for limited periods of time.

You buy a 20 year term policy because you feel that you will need to protect your family for 20 years. After that period of time the children should be on their own and you should have accumulated sufficient assets to take care of your spouse and yourself until age 100.

What if things don't turn out that way? What if you should become aware that you need coverage after that period? What if your investments don't turn out the way you anticipated? What if your health has deteriorated and you can't qualify for a new policy?

What if renewal of your present policy is too costly? Would it be better if you had bought a permanent policy from the outset, like a modified whole life or a universal life policy? Would you be better off owning a permanent policy?

It is a good idea to buy term life insurance because of the low cost but permanent life insurance is also a good idea as well. Those people who own these policies don't complain about them.

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