Let’s discuss cheap term life insurance. Generally, if you are a person that others depend on then you must have life insurance. I know this is something that few of us want to consider, but what would happen if you died. Will your spouse and children be able to continue the life style to which they have become accustom? Your passing can be hard enough. Don’t make it any harder; find some online term life insurance rate quotes.
You may ask why you should consider term life insurance as opposed to universal or whole life insurance. The advantage of term life insurance is mainly lower cost. With the other types of policies, you are giving extra money to the insurance company that they invest to eventually create a cash value in the life insurance policy. In almost all cases, you can get better returns by placing that premium difference, between term life insurance rates and whole life rates, in a money market fund or mutual fund. That money will also be freely available to you anytime you need it.
When you get cheap term life insurance, not only are you saving a large amount of money, but also you can purchase much more insurance. To maintain family income at your current level, you will need a term life insurance policy with death benefit equal to ten times your take home pay. This will allow your family to invest the benefit payout in a low risk investment that will return an amount equal to our take home pay, without touching the principle.
You can also buy cheap term life insurance in smaller death benefit amounts and target it for special occasions. If you have children, purchase a term life insurance policy with their college fund as the beneficiary. By the time the term expires, you will have completed funding the college fund. If fate has it that you do not survive to the end of the term, the college fund will still be fully funded by your term life insurance. Since there is no limit on number of life insurance policies you can purchase, use term life insurance to fund these special accounts for all your children and grand-children.
Since the advent of the internet, it is easy to get cheap online term life insurance rate quotes without leaving home. There are insurance brokers online that will search many term life insurance rate quotes to get you the best offers. You can also use these services to study the many options and do good cost comparisons. It is prudent to plan ahead since we can never be certain of the future.