Term Life and Lifetime Insurance

 

What kind of policy is best for you, your time or your life? The answer depends on a number of factors, including:

Your Needs

Your cost

Your saving and investment 

Your need

If you only need to be provided until your children graduate from college, for example, you may be better off with a term health policy.

Cash insurance is best suited to long-term needs, such as rent planning and providing life security for your spouse. Some term policies cannot be renewed after you reach the age of 70 or 80 and it can be very expensive to renew them as you approach that age.

Your cost

 If life insurance is very much in line with your budget and you want to be covered for life, consider a lifetime policy that can be converted into a lifetime policy. Then you can change the policy whenever your cash flow or needs dictate. You can also buy a combination of long-term and lifetime insurance and gradually switch to lifetime insurance over time.

Your Savings and Investment 
Policies.

Lifetime insurance can be a great car for long-term investment, especially since the amount of money has the potential to raise deferred taxes. In the event that you no longer need the insurance but want more money, you can offer a policy and collect the accumulated amount. Be sure to discuss your tax returns with your tax adviser.

Alternatively, you can buy long-term insurance and invest what you keep in premiums yourself. Compare the returns you can expect, and remember to consider taxes when planning to choose a taxable investment.

So, Should I Buy Term Life or Life Insurance? Longevity and lifelong insurance both have benefits that include immediate family protection. Deciding what kind of policy and what features are best for you is carefully considered and, in most cases, a reasonable look at your financial plan. To discuss your health insurance requirements and financial needs, consult your financial professional.