Agent, Rural Mutual Insurance Co., Union Grove, WI
Typically when you need a larger amount of coverage at a lower cost. Most term life insurance is purchase during peoples younger years after the purchase of a house or after the birth of a child. They see the need for extra coverage during the years that they will have a mortgage or until their children are out of college. This a small example of some of the needs that could make term life insurance a wise choice. To determine what type of insurance is right for your situation please contact your local agent.
Term life insurance cannot be called an investment because it does not return profit by way of interest, income or appreciation in value. But when is it a good idea to spend your hard earned money on term life insurance? That answer is, when you have a temporary need and want some relatively low priced life insurance to cover it.
Some examples are:
You want your 3 year old child to be able to graduate from college if something happened to you. Getting 20 year Term would do the trick.
You want enough money to pay off your mortgage so that your spouse would not have to rely on your second income to make the house payment. 30 year Term life insurance, in that situation, could save your family untold heartache and lots of expense at a tragic time.
In these situations, Term Life insurance could be considered a wise expenditure.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Term insurance is a good "investment"? assuming the word "investment" has the broadest possible meaning as in a good use of money and not in the same narrow vein as a financial product that returns a dollar amount as an "investment." The best use of term insurance would be for a set period of time where you know the start and the finish of the need that needed to be protected. A loan that needs to be repaid in ten years. Extra coverage while the kids attend k-12. A business partnership that lasts for a season. Term insurance is a good "investment when you have an endpoint where you no longer need it With Term, you care covering a piece of time, not a lifetime.
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Some examples are:
You want your 3 year old child to be able to graduate from college if something happened to you. Getting 20 year Term would do the trick.
You want enough money to pay off your mortgage so that your spouse would not have to rely on your second income to make the house payment. 30 year Term life insurance, in that situation, could save your family untold heartache and lots of expense at a tragic time.
In these situations, Term Life insurance could be considered a wise expenditure.