Policies

Affordable Term Life Insurance Policies

When preparing for the future, one of the most important things you need to plan out is your finance. One of the most basic ways to secure your financial future is by getting insurance, but there are just a lot of different kinds of insurance from which to choose.

If you go out and seek advice from some insurance brokers, chances are they will recommend getting a whole life insurance policy. Whole life policies offer the advantage of increasing value.

However, while a whole life insurance policy’s value increases more than other life insurance policies over time, the initial monthly cost might be too much for you to maintain.

On the other hand, the majority of the other financial experts will tell you that an affordable term life insurance is a better choice for starting your financial planning and risk management. The monthly costs are a lot more affordable, because it only gives out benefits if the insured person dies within the period given.

Term life insurance only pays you back only if you die. If you outlive the term, then you usually get none of your premium payments back. But why is it a better option than taking a whole life insurance policy that may pay more in the long term?

One important reason is that the main purpose of having a life insurance is for the security of your family in case you die. Why make matters complicated by making your policy act like an investment vehicle? An affordable term life insurance plan covers what needs to be covered and only when you need it.

Since term insurance only covers the basics, it does not need higher or extra payments for other extra benefits. This is what makes term life insurance more affordable than whole life insurance policies.

More often than not, you will be able to save up hundreds of dollars per month just for the same amount of protection offered by a whole life policy.

Those facts being said, it means a term life policy is the most cost effective means to provide security in the relatively shorter period. You’re pretty much paying for the same coverage but at a much lower price. This also allows you to have more control over your overall budget.

Another argument in favor of term life insurance is that you do not need to spend a lot of money each month with policies where a huge part of that only goes to maintenance fees. If you’re looking for an investment vehicle, you may be better off putting your money in investments that would allow more financial freedom and better flexibility, such as an IRA or mutual funds.

You’ll get a lot more for your money with an affordable term life insurance policy.

The good news is that you’re not alone. At Critical Illness Policies, we can help you explore your best options and tailor a plan to meet your needs.

Call us now at 1-561-210-5822 and speak to our experienced and helpful agents to get the answers you deserve.