Is Term Life Insurance Really Worth Buying?
Are you stuck at a crossroads of wondering whether you should buy life insurance or not? It’s definitely an investment and there are various opportunity costs (you could spend that money on a new Mustang or that really trendy pair of sneakers, for instance).
The simple answer is: yes. Investing in life insurance is worth it, especially if you want to make sure your loved ones are financially taken care of even when you’re not around.
Here’s why buying term life makes sense, regardless of what stage of life you’re in:
1. It’s budget-friendly.
Term life insurance is the cheapest option for life insurance (compared to whole life insurance). That’s because the policy lasts for a finite “term” and offers death benefits should you die within that term. The premiums are thus more affordable and can offer you the financial security you want for your family, without digging a hole into your wallet.
2. You can choose how long you want to pay for it.
You can pick the term you want - whether 10, 20, 30, or 50 years. It isn’t too hard to determine what term fits your needs. It’s just a matter of planning how long it could take to meet certain financial obligations (like mortgages or huge debts), and making sure your family will be able to pay those off even if something happens to you.
3. The payout covers your family/beneficiaries for future and current outstanding expenses.
Term life insurance offers coverage for your family in taking care of your funeral arrangements, receiving an inheritance, and handling other end-of-life expenses (that no one really wants to but needs to plan for). It can also help your beneficiaries handle day-to-day bills and debts in the aftermath of tragedy, making life a little more financially bearable for them.
You may be thinking, what if nothing happens during the term I select? Well, unfortunately, you do not receive your premiums back. The same way you pay for car insurance but never get into an accident or need to use your insurance. But you can always renew your policy for another 10 years (and keep renewing until you reach the age of 65).
The whole point of term life is to pick a specific, significant period in your life that would have the most financial impact on your family - just in case something happens.
To learn more about what type of insurance, how much coverage, and what term best suits you and your family’s needs, visit iLifeInsurance.net and have an insightful conversation with their unbiased, no-nonsense insurance experts. Landing on the right policy can make all the difference when money really matters.