Only Buy Term Life Insurance…. Really?

So, you’ve probably heard that you should only buy term life insurance. If you haven’t heard that, for the most part, that is true. You should buy term life insurance to protect the income that provides for your family. If something were to happen to you and you have a family, you want that family to be able to continue on in the same lifestyle. You typically only need this coverage for up to 30 years – because after 30 years, your kids should be grown (and no longer financially dependent on you) and you should, at that point, be self insured.

So, if you have term insurance, do you also have a plan to be self insured by the time your coverage expires? What if you get to the end of your term and then still need coverage and no longer qualify for life insurance?

Does it make sense to have a small whole life insurance policy that will cover you forever? Maybe so. The truth is, no matter when you die, it will still cost your family money to bury you. Where will they get the money to bury you?

Whole life products are not what you want for all of your life insurance, because you don’t need the same amount of coverage for your entire life. You need term life insurance for the majority of your coverage to protect your family from financial disaster, in the event of your death.



865.789.6229
lsweet02@comcast.net
If you need help creating a plan that allows you to exclude the need for life insurance, I can help. If you need help assessing your current life insurance needs, I can help.