For anyone who has ever bought or even thought about buying life insurance, one question seems to pop up early and often: Should I buy Term or Permanent aka Whole Life? It is a legitimate question but one that too often doesn’t come with the right answer! Why? Because it assumes one is right and the other is wrong!!
What Is The Right Answer?
The correct answer is BOTH.
Permanent Insurance has its role in your life insurance and financial portfolio. You will need permanent insurance in order to leave a little something behind to help those left dealing with the final expenses. Permanent also can be a great financial tool for saving and leaving tax advantaged money for heirs.
Term insurance is a valuable tool for most people to use and to take advantage of its benefits. Let’s not over think this! Term insurance is an inexpensive way to get a large sum of money to your surviving spouse or family at a time when it is most needed. The ability to leave behind enough money to pay off a mortgage, put money away for kids’ college, provide income for your spouse for multiple years while they adjust to a new way of life, and of course pay for final expenses, is what drives us to buying life insurance.
The reason term life insurance works so well to meet your needs is because, as you may have noticed, other than final expenses, the needs are TEMPORARY!!
The plan is that you will be around long after these goals are met.
- Your house will be paid off.
- Your kids will have graduated.
- You will have gotten to retirement years and, with luck, achieved your retirement goals.
- Have income set for life and then all that’s left is the final expenses.( Which is why you have set up your permanent life insurance plan.)
Implement Your Plan
When you are looking for solutions to ensure your family is provided for, make sure you use term life insurance to take care of financial goals that can’t be completed if you’re not around...though chances are you will be!!
We Can Help
Not sure which plan is right for your situation? Give us a call to speak with a knowledgeable licensed insurance agent to learn more about life insurance options. We are here for you! Call today or schedule a consultation with a licensed representative. We make finding the right plan easy!