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 Is Term Life Insurance A Good Investment

Is Term Life Insurance A Good Investment

A lot of people think that term life insurance is a waste of money. They believe that since the policy only lasts for a certain amount of time, it’s not worth the investment. However, this isn’t always the case. While term life insurance may not be right for everyone, there are some instances where it can be a great option.

For example, if you have young children and you’re the primary breadwinner in your family, term life insurance could be a good way to ensure that they would be taken care of financially if something happened to you. It can also be helpful if you have a mortgage or other debts that you need to pay off.

Ultimately, whether or not term life insurance is right for you depends on your specific situation. Talk to an insurance agent to see if it’s a good option for you.

  • Whole Life insurance.
  • Term life insurance.
  • Indexed Universal Life Insurance.
  • Mortgage Insurance.
  • Final Expense Life Insurance.

Short-term life insurance features

These kinds of policies are great for someone on a budget, who needs life insurance for a specific period of time, ie: until the mortgage is paid off, or until kids go to college. While it is affordable, it will end at a specific time and renew at a higher rate because of the age. A new product which is one of my favorites, calls for returns of premium. So at the end of your 10, 15, 25, or 30 year-term, you can opt to get 50 or 100% back of your premiums! WOW, you have the term life insurance coverage and you get your money back! If interested, call us at 617-800-0899 to get started.

No medical exam

No-medical-exam life insurance is a solid choice for healthier applicants, but there’s really nothing new here. Instant decision no-med life insurance is available from several other insurance companies like America, AIG, Mutual Of Omaha, and more.   

Low-cost coverage

Term Life insurance for less than a Netflix subscription? Not so fast. This $10/month starting cost will only get you $50,000 of coverage. Most people need several hundred thousand dollars more than that to adequately protect their family, cover their income, and pay off outstanding debts. For only $5 more on average per month*, a longer-term life insurance policy is low cost and long-lasting. 

Wait, there is more

Coverage amounts for this short-term life insurance policy max out at $450,000. There is also age (we weren’t able to receive quotes for individuals over age 55) and health restrictions. This policy also isn’t yet available in every state. Even if you were interested in buying this type of coverage, you may not be able to, depending on your medical background and location.

Term Life Insurance Policy Boston MA

Short-term life insurance isn’t a smart investment

Life insurance is designed to provide financial protection for a specified period, typically 10, 20, or 30 years. The most budget-friendly type of life insurance is term life insurance, which should outlast your longest debt (such as a mortgage) or financial obligation (supporting minor children). 

At the end of the one-year term, you’re left with these three options:

  1. Renew your policy for an increased premium (premiums increase as you age)
  2. Start the entire application process over again to compare quotes from other insurers (also subject to increased premiums) 
  3. Do nothing; you’ll no longer have life insurance coverage when you die after term expires.

How Much Term Life Insurance Should You Buy

It can be hard to know how much life insurance is enough for you, but there are some general guidelines that can help you figure it out. Life insurance is one of those things that most people don’t want to think about, but at the same time, they know how important it can be for their family’s future financial security. The first step toward buying a policy is figuring out what type of insurance you need and how much coverage will best meet your needs based on your personal situation.

If you’re looking into life insurance but aren’t sure where to start, this calculator will help guide you through some basic questions so that you’ll have a better idea of what kind would be right for your situation (and budget!). Life Insurance Quotes Online: Getting Started With an Agent or Broker If you’re not sure what type of life insurance you need, talk with an agent or broker today. Life Insurance Quotes Online: Getting Started With a Life Insurance Company If you already know what type of life insurance policy is best for your needs, then taking out some quotes online might be the way to go. Life insurance policies are typically sold through agents who work for specific companies on commission; however, there’s always one company that will offer better rates than others so it pays off when doing the research before committing yourself totally into anything!

That $10-per-month starting cost can be misleading. Experts recommend buying enough life insurance to cover your financial obligations and outstanding debts, which is generally 10 to 15 times your income. For a 30-year-old making $50,000 a year, that’s $500,000 minimum coverage recommended. Coverage limits for Americo max out at $450,000.