Term Life Insurance is the most commonly purchased Life Insurance product, due to the low cost vs. amount of coverage for a specific time period. Term policies can be taken from 10, 15, 20, 30 years during which time premiums do not change. Coverage terminates at the end of the term, and there is no cash value accumulating under this type of life insurance policy. Term policies can be extended on an yearly basis, for a higher premium. Term Insurance is like “renting” insurance for those who are not familiar with how Permanent Insurance works (Whole Life, Universal Life), or are not ready for the higher premiums permanent insurance policies cost. During stable economic times advisors used to suggest “buy Term, and invest the difference”, but in a volatile economy it is wiser to purchase a Permanent type of Life Insurance which provides a minimum guarantee or even indexing (value goes up when market goes up, and no loss occurs when the market goes down.
If you’re interested to find out more about the Permanent types of Life Insurance (Whole Life and Universal Life), please CLICK HERE or contact us at Insurance@LifeGuy.com
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