Term Life Insurance

life insurance onlineWhole life insurance policies tend to be very expensive, and too many insurance agents recommend these policies because of the high commissions they will earn on the sale. Insurance should not be treated as an investment, but that is how these policies are often sold. However, with online term life quotes, you can find level-premium term life insurance policies that cost much less and allow you to invest your savings – if that is the best choice for your savings – instead of having the insurance company do it for you.

It happens that some people choose the amount of coverage they need based on the wrong factors. For instance, a family might choose a term life insurance policy that would cover their debts should a family member pass away. While it might be a blessing for a surviving spouse to be able to pay off the credit cards and mortgage using life insurance, it might not go far enough.

It remains unclear what happens when the children need to go to college,  not to mention what happens to just living life and retiring in peace. These factors need to be considered when choosing a coverage amount.

By stacking term life insurance policies, you can save a great deal of money. For a male aged 35, for $2,500,000 of coverage with a 30-year-level term policy, he would pay a monthly premium of $223.56. He could also stack the policies for added savings.  If this person is in the Accumulating Wealth Phase, and they invested the money they saved at an 8% return, at the end of 10 years they would have an extra $9,120.65. At this point, the first policy would drop off, and he would have an additional savings of $21.88. Continuing this process of investing savings, at the end of the 30 years, his total balance of savings and investment growth would be $102,009.78.

The whole purpose of life insurance is to replace your income in the event that you would pass away so that your family can continue paying the bills. It is a great way to leave a legacy of caring for your family.

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