zTermLifeInsurance Blog
Thursday, July 29, 2010
- 02
Mar
2010 -
Term Life Insurance: To Plan or Not to Plan
Filed Under: Blogging
Life insurance, much less term life insurance, is seldom a topic discussed when one is in college and otherwise unattached. While it is always a good idea to think about life insurance to financially cover your demise, it really gains weight once you settle down in life.
So the question of when you must buy term insurance really depends on what stage of life you are in. Whole life insurance, which can be used as a great savings mechanism, offers less of a dilemma, because you know the money is for your future, and you or your family will reap its benefits at some point.
Remember that the cover is primarily meant as a “safety net” and less than 1% of term life insurance policies actually see a claim, remember to purchase term life insurance to add to any existing insurance you might have. While it is a perfectly good idea to purchase only term life insurance, minimal whole life insurance is useful as a long-term savings option.
Some pointers that you might need term life insurance include: expected expenses such as mortgages and education that will suffer if you pass on, lack of insurance abroad if an expat, and general debt. If you are an expat, there are several plans such as IC+ Term Life Insurance that can offer holistic travel services and term life insurance benefits.
