People often cringe at the thought of not being around anymore, i.e. death. What should be more scary is what happens to your spouse, children, and estate WHEN you don't come through the doors one day. There are many ways to take care of your loved ones from the grave. Life insurance is a great way to provide large sums of money without "on the cheap."
The growing debate is whether to buy permanent (whole or universal) life insurance or temporary (term) insurance and invest the difference of the two. Here's my two cents:
The younger you are, the wiser it is to purchase permanent life insurance. Those with young children should also purchase a policy for their child not for the death benefit (although you never know) but for the living benefit and financial growth. That's another topic altogether.
My suggestion is to have both types of life insurance, but to not "over-insure" yourself. Think about it like this, would you want your loved ones to have to pay off a car and home if you owe on both when you expire?
A 30 year term policy is a cheap way of covering both your home and auto(s) should you die unexpectedly. If you own your home outright, but have a loan on your vehicle, a 5 year term policy makes sense should anything happen to you during your loan period.
Younger people who may actually take a moment to read this, you're getting older each day and the cost of insuring your life gets more and more expensive each year. #thinkonthat
ASK THE RIGHT QUESTIONS TO MAKE THE BEST DECISION.
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