Term and Whole Life Insurance - The Best of Both Worlds

Raising a Family

Are you stuck trying to decide on whether to go with term life insurance or whole life insurance? When it comes to shopping for life insurance quotes many people I speak with are unsure of term life insurance because it is temporary coverage. And with term life insurance you do not receive any money back at the end of the term period. The problem is, when you look at the pricing for whole life insurance it is much more expensive for less coverage as compared to term life insurance. In my opinion, if you have young children financially dependent on you, have a mortgage or pay rent, car payments and other debts or loans, you should consider the term life insurance.

I always say the key to life insurance is having it! Many people shop around and never apply. There’s another great saying about life insurance and that is it will never be cheaper than it is today. As we age, generally, the cost of life insurance increases. The older we become there is a chance that our health can change as well. And if someone’s health takes a negative turn, life insurance can become either too expensive or a person may be declined for coverage.

Once you have a term life insurance policy in place, I would recommend that you review your budget and determine if you can afford a small whole life policy as well. When a term policy comes to an end, if you have the small whole life policy, you know there is at least some amount of money that will stay with you as long as you pay for it. This way family and friends don’t have to come up with money to help pay for things such as funeral or burial expenses and whatever other debts may be left unpaid.

So if you already have life insurance in place, I encourage you to review your existing life insurance policies and make sure you have the right amount and type of coverage for your existing and future financial needs.

About the author: Dan Cody has been in the life insurance business for over 7 years. He loves playing a variety of instruments including the guitar, bass, drums, and piano. He also supports cancer research foundations and volunteers at local pet shelters. Dan enjoys helping customers understand life insurance, so they can find a solid policy that fits their needs. You can reach Dan at 1-800-651-1953 or DCody@Pivot.com.