The place to find the best term life insurance is right here: Term Life Insurance Rates, Term Life Insurance or Term Life Insurance Quotes. If you would like to learn more about why term life insurance is often a better investment than whole life insurance read the helpful article below on term life insurance vs whole life insurance:
Using Term Life Insurance to Self Insure By David Sayers
When shopping for life insurance, maybe of us have heard the argument that whole life insurance is better than term life because it has a built in investment program. While that is true, the investment return through an insurance policy is horrible when compared to the stock market returns over time. We are also told that whole life is better because it never expires, whereas term will expire after a certain number of years, and you may be in bad health then and not be able to get insurance. Well, that is certainly true, but if you plan properly and are diligent, when the term expires, you may not need insurance. I know that sounds wrong, but let's step back and look at some numbers.
Whole life insurance is among the most expensive types of insurance that you can buy. This is due to the investment portion that pays a relatively low return. Part of this higher cost is also due to the commissions, which are high. In contrast, term life insurance is very inexpensive for the coverage that you get. For example, if you are in good health in your thirties, you may have to pay $250 per month for a whole life policy. In contrast, the same coverage in a twenty year term life policy will probably be around $30 per month.
The downside to the term policy is that it will expire at the end of twenty years, and renewing it will be a lot more expensive, whereas your whole life premium will remain the same. However, if you plan your finances properly, you can self insure during this time so you will not need to renew the policy. I know this sounds odd, but will diligence, this is more than possible.
The whole life policy is costing you $220 more each month, every month, for the entire time that the policy is in effect. Think about this. What is you consistently invested the difference each and every month in a good growth stock mutual fund? If you look back over the last eighty years or so, the stock market has averaged a return of twelve percent over the long term. Let's say that the fund you select only averages ten percent. If you invest that $220 savings every month into that fund for the twenty years, when the term policy expires, you will have built up the mutual fund to a value of about $160,000. This does not include any other investments you can squeeze out of your budget. Additionally, by this time, your children will be out of the home and your house will nearly be paid off if it isn't already. If you still wanted some term coverage, you could get a ten year policy for about $100,000 for a much cheaper rate and be protected just as well.
Many companies can offer you fast quotes on term life insurance, and this is coverage that you need to have in place as soon as possible. Multiple companies can offer you quotes on a return of premium life insurance policies. Article Source: http://EzineArticles.com/?expert=David_Sayers
Where to Find Term Life Insurance Rates
The place to find the best term life insurance is right here: Term Life Insurance Rates, Term Life Insurance or Term Life Insurance Quotes. If you would like to learn more about why term life insurance is often a better investment than whole life insurance read the helpful article above. Also if you would like an immediate life insurance quote enter your state below:
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