One of the laws of money states that we should protect our wealth from unforeseen but probable risks. Can you afford to leave your family with debt and no income? Learn if you should choose between term life or universal life to insure your families future. |
For a fact, nothing could be worse than a parent dying before their time except having that happen and not providing for your families future when you are gone.
Not only would you leave them to carry on without you, but their hopes and prospects for happiness would be made even harder to gain with the loss of your income and loving care.
Everyone who loves their family must plan ahead by getting enough insurance to provide for their future in their personal absence.
Term Life
Term life is affordable but only pays if you die. The coverage is obtainable for $10 to $20 per $100,000 payable to your beneficiary. The premiums are more costly as you age. At the end of the term you get nothing back after paying all those premiums.
Universal Life
Universal life has flexible premiums and coverage.
It spreads the risk and the cost over the duration of the policy.
It also can return your payments as a lump sum at the end of the policy if the premiums, once managed and invested by the insurance company has grown and pays dividends. You pay more, but you get more even if your family never has to mourn your passing.
Resource
Check out this resource to evaluate Term Life Rates:
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