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Could Possibly Use Life Insurance Quotes Money if needed?

1)I already have term life, I now have an opportunity to get a small whole life policy. I wanted a whole life policy, but at this time can not afford it. Does it make since to purchase a small plan, which would give me a little more coverage and give me the benefits of a whole life plan as far as, cash value building, that I could possibly use if needed?

Public Comments

1. Term insurance is designed for a TEMPORARY need, for a specified period of time. According to insurance industry studies, the likelihood that a Term policy will pay a death claim is only about 1%. The reason is that Term insurance expires, lapses for non-payment, or converts to Permanent insurance prior to the death of the insured. The reason that Term is so "cheap" is that the insurance companies don't expect to pay the death claim. Although Term is good for temporary needs, it would be a good thing to OWN some life insurance, instead of RENTING it. With Whole Life, you OWN it. With Term, you are basically RENTING it for a specified period of time. Here is what I recommend. Contact a LOCAL agent, and have him/her do a Financial Need Analysis (FNA), or other Total Need Program, to help you determine in your own mind, how much, and what type or combination of life insurance you need, to reach your short and long-term goals and objectives. After the FNA, you will have more knowledge and a better understanding of your total need. The FNA will also help you determine if you have a need for Disability Income Protection, to provide an income, should you be sick or hurt and can't work. It will also help you determine if you need an Individual Retirement Account (IRA) to provide an income at retirement time. (All that will be there when you get there is what you send on ahead.) According to statistics, disability is a greater risk than death prior to the age of 65.
2. While I agree with you that a Whole Life policy in the long run is better than Term life insurance, I feel that having the right amount of insurance is more important to your family's well-being. Therefore I suggest that you supplement your desired Whole Life policy with sufficient Term insurance to meet your family's need. Many companies will offer you a Whole life base with a Term insurance rider. This is a very good compromise. Again, I recommend that you have one policy that is Whole Life with a Term Rider. Make sure that the Term Rider is renewable and convertible. By convertible I mean that at a time that is convenient for you, you can exchange it for Whole Life without needing to re-qualify. It may be that the Term Rider is somewhat more expensive than a separate Term policy, but it would be worth it in the long run. It has been my observation that those Term policies that have the lowest premiums up front turn out to be the most expensive once the renewal premiums begin to go up. Having a pure Term policy without any form of accumulation associated with it certainly is hazardous, in that should a premium be missed after a change in the health of the insured, that coverage would be lost forever. On the other had having a Whole Life policy with a Face Amount limited to what you could afford, when your family would need more, is probably a bigger mistake. This why I recommend a combination of both. If you want more information,You can refer to this blog which show you an article about Affordable Term Life Insurance Quote and Term Life Insurance Quote : Affordable Term Life Insurance Quote Online: http://affordable-termlife-insurancequote.blogspot.com How to get The Best Term Life Insurance Quote ARTICLE http://term-life-insurancequotes.blogspot.com Affordable Term Life Insurance Quote VIDEOS http://affordable-termlife-insurancequote.blogspot.com/2009/05/where-to-get-affordable-universal-life.html The Best Term Life Insurance Quote VIDEOS http://term-life-insurancequotes.blogspot.com/2009/05/term-life-insurance-quotes.html Definition from Answer.com http://www.answers.com/topic/term-life-insurance Hope that helps, post back if need be- regards- Richard Man U