Finance and investment advise

If you have a life insurance, there are advantages of getting the term life insurance compared to other insurance policies in the market these days. Although you, as the policy holder, would think that because the term life insurance rates are lower than any other insurance rates, this is preferable. Some would disagree.

Term life insurance rates vary. Depending on the health condition and status of an individual, it can go up and, possibly, become lower that the original quotes given to you by your agent.

Remember, a term life insurance’s coverage is that, a specified term only. A person’s life is insured for the amount he wants, which is specified in the policy, only for a certain period. Because the chances of the policy holder dying is slim, the rates are lower, otherwise called premiums. Because the policy holder is not expected to keep the policy for his entire life, it is also one of the reasons why it is cheaper.

On the other hand, because there are advantages, there are also disadvantages. The biggest of all is that the ‘return of investment’ can only be taken only if the policy hold dies. Hence, it only when you die that your family would be able to benefit from it. Although there are some insurance companies that would allow the policy holder to continue or extend the term coverage, chances of doing this option are not too high because the premiums are more expensive.

With those sides of the ‘coin’ exposed, is getting a term life insurance good for you?

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