Is A 30 Year Term Life Insurance Policy A Good Investment?
Tuesday, November 1st, 2011The answer to the question of whether a 30 year term life insurance policy is a good investment is: Yes. And no. Before you make any purchase, research your options using an unbiased and free service.
Term life insurance is a great investment if you are looking for financial security for your family…and peace of mind for you. But it is not a good investment if you looking for a way to make money. A term life insurance policy offers protection, not the promise of growth or earnings. Unlike other, more expensive types of insurance coverage, a term policy accumulates no cash value whatsoever. What happens if you outlive your term life policy (or choose to cancel it any time within the 30-year period)? You get zero back. The insurance company keeps all the money you paid in premiums. That’s why term life insurance is not an investment. If a potentially profitable investment is what you seek, try stocks, bonds, and mutual funds.
That’s not to say that a term policy offers no return. Term life insurance offers a very important, but intangible, return on the money you pay toward the policy premiums. You can’t touch the return. Can’t count it. Can’t spend it. It’s comfort from the knowledge that you have taken action to protect your dependents in the event you die. The benefit from your term life insurance policy can help your family maintain the lifestyle you have worked so hard to provide. Your policy benefit can cover mortgage payments, car payments, day-to-day expenses, plus your kids’ college fund and other important commitments.
So how do you go about finding affordable coverage? Coverage that meets your family’s needs, fits your budget, and possibly saves you money? The answer is: comparison-shop. Whether you are buying life insurance or any other product or service, comparison-shopping is the only way to really make sure you get the best value. But doesn’t comparison-shopping mean going from one insurance company to another, one agent to another, filling out form after form after form? Not any more. Online, free shopping services have changed the whole process.
Most of these sites are not provided by an insurance company. They are free services, designed to help people just like you find insurance without wasting time or money. Advanced software enables these sites to deliver many quotes from many different companies—all in one place, all in just seconds. And all for free.
It couldn’t be easier. Just enter the state where you live and the date you were born. Answer a few simple questions. Then click to get your quotes. You will see quotes immediately from many different companies competing to provide you and your family with the highest-quality coverage at the best possible rates.
You will recognize most, if not all, of the companies. They are well-established industry leaders in business for years and in business to stay. Choose the coverage that fits your needs and that you can afford. Pick your policy. Then purchase it. Usually, you can pay right then and there using your credit card. Often, you can even download a copy of your policy to print and file with your other essential household documents.
How long does this whole process take using an online comparison-shopping service such as 30YearTermLifeInsurance.biz? What used to take hours or days now takes minutes. And the service is 100% free of charge.
Term life insurance is not an investment in the traditional sense. You don’t buy a policy expecting to make a profit. You buy a policy to give yourself peace of mind, knowing that you have taken action to protect your family’s financial future. And that may be the most important “investment” you ever make.
