All Life Insurance Tips

If you needed life insurance would you "rent" it or buy it?

Term insurance vs permanent insurance, one is cheap but is pure insurance, you do not build cash value, the other is more expensive and builds cash value over time. One is betting you will die, the other is betting you will live.

Public Comments

1. buy
2. There is no one answer for this question. It all depends on the individuals needs. Most people will have a combination of both permanent insurance and term insurance. The best thing a person can do is consult an insurance professional.
3. For most people who need coverage, a combination of both makes the most sense. A component of one's overall need will generally be temporary in nature, such as the increased liabilities of a mortgage or the birth of a child. This component is dealth with well, and cheaply, with term insurance. However, it is a rare instance where one has no need for coverage later in life. The perfect scenario is that we all accumulate precisely enough other assets to fully offset one's need for coverage, while not accumulating too much and falling prey to estate taxes. (Don't kid yourself, estate taxes will NOT be repealed.)
4. Buy term and invest the difference. When you buy term, get a policy with a good conversion privilege. This will allow you to convert to a permanent insurance policy at a later date if your need for insurance still exists.
5. The answer is two fold. First you must determine whether you are a saver or a spender? If you are a saver then term is better because you probable can do more with your money. If you can't save money then perm ant is the one for you because it probable will be the only money you ever save. There is one thing that could change both of these answers and that is if you have an thing that has to be protect quickly> Jeff
6. term all the way.
7. Ideally it would be best to buy whole life.... however this is not always the case as it depends on personal situations.
8. i am a licenced life agent...and what i educate families is the "theory of decreasing resposibility" life insurance is temporary you need a large coverage (term) 1.high debt 2.children are young 3. mortgage 4.open a separate investment financial devistation if breadwinner dies prematurely later years... life ins. not needed why? 1. no more debt 2. children are grown 3.mortgage is paid 4.investment matured the company i am part of helps families get out of debt and become financially independent.....
9. Best bet is to meet with a professional financial representative. Avoid anyone that tells you upfront that one way is better than another. Your financial situation will determine that. Read more in the insurance library: http://www.findlocalinsurance.com/library.html