MONDAY, JULY 13, 2015
 The debate over term vs. permanent life insurance has been around for a very long time. You may need term life insurance or you may need a combination of both term and permanent coverage. Your life insurance needs will depend on your individual goals and circumstances. So, is term life insurance your best choice?
Term Life Insurance Is Good For Tight Budgets
Many couples who are just starting their lives together feel the need for life insurance, but just don't see how they can fit the cost into a very tight budget. Term life insurance is an excellent solution to this dilemma. You can purchase a large amount of term insurance for a very reasonable premium. If you purchase a policy that is convertible, you can guarantee the right to change it to permanent life insurance at a later date.
Term Insurance Can Fill A Temporary Need
Have you ever purchased credit life insurance on a car loan? This is actually term life insurance, but is much more expensive that an individual term policy you could buy on your own. Instead of buying the credit life, purchase a five or 10-year term policy to guarantee payment of the loan in the event of your untimely death. A 30-year term policy would work the same way for a 30-year mortgage loan.
Term Insurance Can Give Added Protection When Needed
Many families find an increased need for life insurance while their kids are young. Since one of the main purposes for life insurance is to replace your ability to earn an income, a large 15 or 20-year term policy will give you the added protection you need during the "growing up" years.
Will Term Insurance Be There When Loved Ones Need It?
Studies have shown that most term insurance policies never end in a death claim. The reason for this is that term insurance is designed to fill a temporary need and not be a lifelong insurance plan. Initially, term insurance is less expensive than permanent insurance, but over time the term premium can become cost prohibitive. Some term policies are non-renewable, which means they only provide protection for an established period of time.
If you intend to purchase a term life insurance policy, make sure you clearly understand the terms and conditions of the policy. Some are designed to be "renewable" and "convertible," while others are not. It is best to seek the advice of an experienced independent insurance agent before you make your final decision.
Contact us today and we will help you find the best life insurance program to meet your individual needs and your budget.
Protect your family for years to come. Call Colgrove Financial at (480) 830-2595 for more information on Arizona life insurance.
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