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Buying Term Life Insurance

Nov 17, 2007
If you are the breadwinner for your family or you provide a significant portion of your family's income that they can't live without it is important that you purchase life insurance. This ensures that your family will be financially taken care of in the event something unfortunate happens to you. While you can purchase whole life coverage that lasts until you die, many individuals and families are better off purchasing term life insurance.

Term life insurance provides coverage to individuals in the event something tragic happens. However, this coverage only lasts you for a specific time period as opposed to providing insurance for your entire life.

For example, you can purchase a term life policy that lasts until your children are out of the house or until you reach retirement. This is perfect for individuals and families who need coverage while working or raising children but don't see it as necessary after the age of 65.

The fact that you can set the time period of your term is one reason many people choose to use it over whole life insurance. Individuals and families don't necessarily need life insurance after children are out of the house or they have reached retirement. A term life policy allows them to set up their coverage to cut off at a specific age or point.

Of course the shorter term you have the less it costs. This is a major reason why people opt to purchase term life insurance over the coverage that protects for an entire life. Twenty-years of term life may cover raising your children, while individuals with whole life may have it for more than 60 years. It is less expensive to purchase insurance for twenty years than it is for 60, thus many opt for term insurance in order to save money.

Another benefit of buying a term life plan is the opportunity to invest. The lower premiums demanded by a term policy allow individuals and families the opportunity to put additional funds into investments. Many times these investments provide more money than what life insurance, both term and whole, pay out when someone dies. However this doesn't mean you can afford to only invest your money and not use it to purchase good coverage. It takes many years for investments to build up and be profitable, whereas something could happen to you or your loved ones tomorrow.

One of the best ways to protect you and your family from the financial burdens that can result due to the death of a family member is by purchasing life insurance. While there are different types, term life often proves most beneficial for individuals and families. It not only provides you with security when you need it most, but it is often the most affordable option for families on a budget. While no one ever wants to plan for the unexpected death of a loved one, doing so can ensure a financial burden doesn't remain after their gone.
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