Why Would Anyone Buy Term Life Insurance?
4330 POINTSview profileJerry Vanderzanden, CLU, ChFCCo-Founder, Coastal Financial Partners Group, CaliforniaTerm life insurance is ideal for temporary needs where the duration is known. Term is a relatively simple product to understand and so affordable, it can fit most any budget. It is common in situations where young families have a tight budget and need life insurance for protection for up to 30 years. Most term policies feature conversion without evidence of insurability to permanent policies later when they can better afford the premium for lifetime funding.Answered on May 1, 2013flag this answer.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.People would buy term life insurance to cover a temporary need. E.g. Most people need more coverage while raising children. Term insurance costs less than permanent, and there will not be a need for that much coverage after the children are grown. So for that purpose, 20 to 30 year Term works well. Some loan companies require term insurance to protect them if the borrower should pass away. Term insurance is well suited to temporary needs.Answered on June 30, 2013flag this answer
0 POINTSContact Meview profileDavid RacichPROFountain Hills, ArizonaPeople who have temporary financial liabilities and time certain future obligations purchase term life insurance. They do this to indemnify their family members or business associates or charities that depend on their benevolent giving. Most people also purchase term life insurance with a convertible clause that allows them to convert to permanent life insurance in case their temporary circumstances turn out to be outgoing.Answered on June 30, 2013+01+1 this answer
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