Term VS Permanent Life Insurance

Ok you've looked at term it is easy and cheap but don't forget we all have to pay the bills even after we leave this world.

I can take the typical approach to this asking you to add up what expenses might be such as your funeral $10,000 a mortgage, car loan but none of us plan to have to have those expenses when we reach the end.

You will have to pay someone to settle your estate and pay off all the bills so take a look at what you might need for final expenses.  Without a personal analysis I can't answer the question of how much you need for you here.

Let's just leave it at this. If you were the 30-year old male in the example we used before and you felt that you wanted to have $250,000 of coverage when you pass no matter what age.  You could purchase a permanent plan that would be entirely paid up in 20 years for as little as $146 a month. Keep in mind it also builds some nice cash value along the way.

 Take a look at the spreadsheet (PDF)

You will see that after 30 years you have spent $8,850 on term insurance, however with the permanent insurance you would have spent $35,040.  BUT with the permanent insurance you could cash the policy in and receive $45,116. or keep the policy for life.

We can help you solve your life insurance needs and answer your questions. So keep us in mind when you want to talk about the future of your life insurance.

Life Insurance Survey

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