![]() ![]() Then as you get older and your premiums go up, you use your cash value to help pay for your insurance.īut here’s the reality: Whole life sucks compared to term life when it comes to growing your money. Here’s how it’s supposed to work: You overpay in the early years to build up your cash value. Part of the sales pitch for cash value types of insurance is that they’ll help you build up an investment that could be tapped further down the line. Why are whole life premiums so high, you ask? Because whole life insurance tries to act like a savings or investment fund (along with others in the cash value insurance family, like universal life insurance), but (spoiler alert) it does a really bad job! And while I hope it’s a long and prosperous one, that’s a lot of premiums to pay-and high ones at that! Whole life insurance (aka permanent life insurance) is in place for your whole life. What Happens at the End of Term Life Insurance?.How Much Does Term Life Insurance Cost?.What Are the Benefits of Term Life Insurance?. ![]() ![]() Comparing Some of the Top Life Insurance Companies.No one wants to imagine their own funeral, but we need to talk about life insurance because it’s essential to your family’s security. As far as financial planning goes, this is the part we want to discuss the least because life insurance only pays off if you die. You pay them a monthly premium, and if you die, the insurance company pays a specific amount to whoever you choose. Life insurance is simply a contract between you and an insurance company. To understand term life insurance, you first have to understand how any sort of life insurance works. I’ll spill the tea, the beans, and even the tea beans on everything you need to know about term life insurance so you can protect your family and finally cross “get life insurance” off your to-do list. It’s not as complicated as you might think. That sounds great and all, but that leaves you with a burning question: What exactly is term life insurance?ĭon’t worry, I got you. Who in their right mind actually wants to do burpees? They should rename those things “throw up-ees.") You may have heard that term life insurance is the best option. You’ve heard you should get life insurance, and just like getting back to the gym, you’ve been putting it off. ![]()
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