Life Insurance which one is what? level term etc, confused please help? - level term life insurance
I'm 25, my wife is 25 and my son is 4 years. I think it's time for me on life insurance. I am a little confused, because most places have you visited offer insuance to cover the long term? I have a mortgage or something. Most insurance companies offer insurance coverage for long term up to 40 years only 65 and I would do if pop, then I lose all the money they paid for years. I want assurance that if something happens, God forbid, or partner at any age, so I want to be sure I'll have financial protection for my family. I want to pay a large amount of the other party, if one of us. I want to be guaranteed a fixed amount regardless of the cause of death, so I will not be restricted by age. What I am seeking. Please help.
Saturday, January 9, 2010
Level Term Life Insurance Life Insurance Which One Is What? Level Term Etc, Confused Please Help?
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In the past I also sold life insurance, now I sell printing. Every life insurance company will first try to sell you term life insurance, or level term.
Term life insurance is attractive to the consumer because it is cheap. The major problem with term or level term is as you get older it get more expensive. Now if you purchase a 20, 30, 40 year level term and you live to see 65 years old you will not be able to afford to renew the term policy. Because of this, most term or level term insurance policies are never collected on. In fact, only 2-3% of term or level term is ever collected by the heirs of the insured.
So what to purchase? At 25 years old whole life or a combination of whole life with term insurance. The cost of the insurance would be higher, but it will still be in force your whole life. Moreover, your insurance agent could explain other benefits to you.
Doug Bryant
The Decal Factory - The best decals, signs, labels, posters, stickers and banners in the industry for business and hobby.
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