buying life insurance to protect against a risk. It s equivalent to purchasing health insurance to cover 100 of all expenses (no copays, no deductibles, and no co insurance). The cost for such a plan would be so high that it would quickly price itself out of the market. This is why we have the constant movement towards higher deductible and more cost sharing. Covering 100 of the risk of death just isn t cost effective which leads us to our next point. Premium premium premium Premium is the amount you will pay to keep a life insurance plan in effect and this is where the tire meets the road when comparing term and whole life insurance. Term is so much less expensive than whole life that it s hard to make the case for whole life. If you have enough money to afford large amounts of whole life insurance than the question begs whether you need life insurance to begin with. It takes a great deal of premium to buy large amounts of whole life. Some (usually insurance brokers selling whole life) would argue that you build up cash values with whole life which means that after a period of time, you start to have a portion of the whole life policy that is essentially your asset (to borrow against for example). Why would you pay your own money in premium to have a life insurance company hold it (and invest with it) as your own money for you to borrow against. Why not keep 910ths of your premium to yourself and buy term with the other 110th (difference in premium) of the whole life premium. In our view, this is a gimmick for people who do not understand how money works. You re essentially giving the life carrier money to invest for themselves, and they will give you back a smaller amount at the time the benefit is triggered. Keep your own money and spend a fraction of it to protect against the real insurance risk. That s term life insurance in a nutshell. Author's Resource Box
Dennis Jarvis is a licensed insurance agent concentrating on term life insurance. Shop nike lunarglide 4 mens , compare, and instantly quote at Article Source:
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