Is Term Life Insurance The Most Expensive?
1045 POINTSview profileKarl RenwanzRenwanz Insurance & Financial Solutions, Carlsbad, CATerm life insurance is generally the least expensive type of life insurance available. Term life insurance is the most affordable because it offers protection for a fixed rate of payments over a defined number of years. Statistics show that term life insurance pays out less than two percent of the time.Answered on October 29, 2014flag this answer
10968 POINTSview profileTim WilhoitOwner, Your Friend 4 Life, Brentwood TNActually, term life insurance is one of the most affordable premiums in life insurance. The cheapest is accidental death insurance, followed by term life, universal life and whole life when only looking at premium prices. The reason term life is cheaper than permanent is it is considered temporary, not permanent and has a specific time period.Answered on October 29, 2014flag this answer.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.No, term life insurance is usually the least expensive type of life insurance you can buy. Within term insurance, there are differing term lengths. Generally speaking, shorter term policies cost less than longer term policies, because you are being insured to a younger age when you get a shorter term policy. Permanent insurance is most expensive because it is providing coverage to your old age.Answered on November 3, 2014flag this answer
5877 POINTSview profileStan Cox IIInsurance Adviser - Broker, SC Insurance Services, Oahu, HawaiiWhoo boy... Not to slight anyone here, but the answer to your question, in my opinion is YES! Term IS the most expensive life insurance. First it is only insurance if you die too soon. There is no other benefit to term insurance. And it's for a limited term. If you look ONLY at the premium payment and compare a 10 year term policy to a Whole Life policy for the same person/ age/ health, then the term premium will be much less. However if you have 2 identical people age/ health/ etc and start a 10 year Term for $100K on one and a Whole Life for $100K for the other, in the 11th year the Whole Life premium will still be what it was at the beginning and there will be liquid Cash Value available in the policy. If the Term policy is renewed in the 11th year the premium will likely be equal to or greater than the premium for the Whole Life. And each year it will increase dramatically while the Whole Life premium remains the same as always and the Cash Value continues to grow! So which one would you say is more expensive?Answered on August 28, 2015flag this answer
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