Buy Term Life Insurance

 

Each person needs a life insurance policy.  A life insurance policy is a basic need that

you should pay attention too.  Before you choose what life insurance to

purchase though, you should weigh the pros and cons of each type.  If

you are on a tight budget, and you want to save money, then buy term life insurance. 

 Why is term life insurance recommended? 

The following are reasons why you should buy term life insurance:

Less expensive

Term life insurance is less expensive because you pay the insurance premium

for a period only and yet your beneficiaries will enjoy the benefits,   in case of death. 

It is less expensive because there is less likelihood that a healthy person would die

within a year of being insured.  Studies showed that the percentage of healthy persons

dying within the year was only one percent.  Permanent life insurance are more

expensive because each insured person has to be paid and awarded the benefits  after

the maturity of the insurance, so the company has to consider this when computing  , making

it more expensive.

 

 

 

 

Practical

Why buy a permanent life insurance when you can spend less?  Buy term life insurance when you want to stay financially afloat for a certain

period of time when your assets are still not liquid or until such time that your assets become liquid. Either way, to buy term life insurance in such a

predicament is the best course of action than buying permanent life insurance with increasingly expensive premiums.  Permanent life

insurance must pay each member and because of this, the company has to recoup the cost of each insurance awarded.  Why pay for more when you

can pay less for almost the same benefits?

Ample Coverage

The benefits cover the responsibility of the insured for the beneficiaries, like education, debts, mortgages and care.  It is a good way of ensuring the

future of your loved ones, much similar to permanent life insurance in terms of aspects covered and death benefits.

Renewable

Buy term life insurance because it is usually renewable for the time period that you locked in your rate.  Most term life insurances are renewable

without proof of insurability.  You should read the entire policy and ascertain that renewability is included in the terms and conditions.   There are

some, which do not assure you of renewability, they have to be certain first that you have not acquired a terminal illness before renewing your

contract. Before you buy term life insurance, you should consider this vital aspect.

Death Benefit

Just like the permanent insurance, term life insurance also provides similar benefits, like the coverage of the costs of education, care, debts, and

mortgages.   The death benefit is income tax free too, yet with a lower price, which makes it preferable for you to buy term life insurance.

Spend wisely and buy term life insurance.   It is a significant way to ensure that the benefits are ample enough to protect you and your family

from financial downturns in the event of death. The good thing about it is the less expensive premium payment. 

 

 

 

 
DRISCOLL INSURANCE AND FINANCIAL SERVICES, INC.
Jack E. Driscoll, CFP, CFS, LUTCF, ChFC
2738 South Park Road Bethel Park, PA 15102
Phone #: (412)833-1500
Phone #: (1-800)833-1910