No matter how the TV adverts may try and make it all look there really is nothing sexy about life insurance. You are paying for something that you won’t ever benefit from, the only way for it to be claimed is when you are dead. Doesn’t sound like much of a selling point to me
Life Insurance Is Not For Your Benefit
Not sure about you but my feeling is that once I am gone you can bury me in the garden to help feed the plants. However my wife said that is not legal so I need to have at least some insurance to pay for a funeral. You are not buying the life insurance policy for your benefit, your spouse and kids will benefit from it once you have gone.
This has a direct affect on how much life insurance you need, and this is why I love the idea of term life insurance. As I pay off my mortgage and my kids finish college and start to go out on their own I will need less money to cover my debts and help them along.
By buying term life policies in phases I can increase and decrease the coverage every five years. So when my children are young I take out a 20 year fixed term policy which would be enough to cover my mortgage and leave some left over. Ten years into the plan I would buy another policy to cover the devaluation in money. At the end of the policy I will buy a shorter term policy, my mortgage is almost gone, my kids are at college and I have been sensible with my money and do not owe so much.
The other reason to buy term life insurance is that it is cheap, relatively, while you are young. This is because you are less likely to drop dead of some horrible disease while you are young. None of this makes it sexy but it does at least explain why you can save money by buying the insurance when you are young.
I have just finished reading a very good news report on Life insurance at the Chicago times
Filed under Term Life Insurance by . Comment. 
