Undoubtedly, term life insurance is the most affordable option for financial protection in case of an early death. It has an end date that aims to coincide with retirement, meaning you may well outlive your coverage.
But if you think about all of the bills and debt that most people have in their working years, including college loans, home mortgage, car loan, kids’ college accounts, and medical costs (with higher deductibles than ever), it is easy to see why economic protection for your family is crucial.
Even if finances are tight, it is worth investigating the investment in term life insurance. For the cost of a night of pizza a month, you could ensure financial protection for your family. If you are concerned your health might make you ineligible for coverage, talk to your insurance agent. There are now options that do not require a medical exam.
For some, the idea of putting money into coverage you expect you’ll never need feels like a losing proposition. A newer option, called a “return-of-premium” term-life policy, may allay those concerns. It allows you to get back all the money that you paid in premiums at the term’s end.
Your insurance agent can help you evaluate the best life insurance solutions for your personal situation and financial health.
