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Buying Term Life Insurance

term life insurance, insurance policies , protection, life policy

I recently did some writing about term life insurance, and I was surprised to learn that most of the insurance policies that people buy are term instead of whole life. I also learned that this was the way to go. Though I could never understand why someone would want term, as it always had an end date whether you were still alive or not, it is actually the best policy for most people. Once I heard the reasons why, I began to understand why.

I would seem that most buy term life insurance because most don’t actually need life insurance in the latter years of their life. If you really think about it, the reasons for this are very simple. You have children and a spouse who depend on you when you are young, and if something were to happen to you, they are going to be out of luck in many cases. If you have a good term life insurance policy, they are going to have some financial help when they need it the most. However, once your children have moved away, and you have retired, you really don’t need to offer that protection any longer. That makes a whole life policy a waste of money for most.

Term life insurance can be as short as five years, or you can have one that goes up to thirty years. Most of them are renewable for incremented amounts of time in many cases. You can usually find a type that will not go up in price as you age, but you might pay more initially for that type. You will have to decide what is best for you and how much you want to spend on your policy. It turns out that even though term life insurance might be more per payment in some cases, it is definitely the way to go.

If you have life insurance though your employer, you may not need to get anything else. That will be a personal decision. More can’t hurt though, especially if you have a family to care for. If you are young and free of personal obligations, your term life policy might not be a necessity. However, you do have to remember that if something where to happen to you, your parents will still have to bear the costs. Perhaps a small policy wouldn’t hurt, even if it is just to cover your final expenses so your family won’t have to pay for your burial.
Published: 2007-08-17
Author: Zora Ait El Machkouri

About the author or the publisher
French journalist and Editor-in-chief of a new magazine about Africa

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