Think of term life insurance as a tactical choice, something to cover a short term loan, your kids’ college debt, a new family or any part of your life you want to cover for a fixed period. Term life insurance is not designed to be there for the rest of your life; premiums are low because you are expected to be full of life. Term life is something you want throughout your working life and may be bought by you or your employer, term life is a great value product and a great benefit or reward for your service.
If you want more strategic coverage, and we think you should, then a whole (universal) life product should be your top priority. Whole life products may provide level premiums and a guaranteed return for the rest of your life. Whole life products do not expire, they are there for your whole life! Whole life will also create a savings pot for you; at some point you may choose to have full access to your savings, keep your death benefit or many combinations besides.
Term and whole life insurance comes in many varieties these days, often with accelerated death or illness riders. Whole life can be universal life giving you even more options. You can contact our agents at LeClair Group to get much more information on either term or whole life insurance and find out what is right for you. Knowledge is power and we are here to help educate. Both are great options, just understand one is not meant to be there when you are expected to die and one is.