Invest More and Save Money with Term Life Insurance
There are so many different types of life insurance plans available, term life, whole life, universal life and variable life insurance, how do you choose which is best for your family and which one will help you save money? Initially, universal life insurance, a cash value insurance plan that combines insurance and savings together, was the best choose for my family. We picked this policy because it claims to help families retire rich. Guess what, not true.
I have been doing some research and discovered that term life insurance is the best and most affordable life insurance policy. Term life insurance is only good for a certain number of years then it expires. For people who like to save money, the fact that it expires sounds rather deflating considering you have paid into this policy for years just to get nothing in return, but the same can be said for car insurance or any other type of insurance so why should life insurance be any different. I also just learned that with universal life insurance, upon my death, my family would only receive the face value of the policy, not the cash value. Meaning, if I took out a policy for $100K, but the cash value was $300K my family would only receive the $100K. If nothing else, that was enough to make me switch to term life insurance. When time permits, I will go to www.selectquote.com to look for the most affordable policy. I am hoping that our premium is reduced to $40 instead of $120. With the reduced premium price, we can use the money we saved towards student loan debt or invest the money in the stock market.
Suze Orman said “life insurance wasn’t meant to be permanent; it’s there to protect your family before you’ve had a chance to accumulate enough funds (through investments and savings) to do so. Dave Ramsey said “cash value life insurance is one of the worst financial products available”
If they said it, I believe it. Knowledge is power!! Save your money and switch to term life insurance.