This week’s question comes to LG Insurance from Scott in Colts Neck, NJ:
“Hi Aaron, I bought a term life insurance policy a few years ago, but I have no clue what I am paying for. Can you help?”
Scott, I can definitely offer you advise based upon my many years experience with Life Insurance. A term life insurance policy is a great bet, for the insurance companies! These policies rarely pay a death benefit and that is a good thing! Term Life Insurance policies are important as a part of your overall financial protection of your family and assets, but they are not the only answer.
A term life insurance policy is very inexpensive and will expire in 10, 20 or 30 years, but then what? Price is the obvious benefit to these term life insurance policies, but if you are looking for something that will have additional benefits, it is important to look at Whole Life Insurance, with Cash Value and Living Benefits. A Multi-Benefit Policy.
In life, we talk about what happens if we become disabled or need to live in a nursing home when we reach an older age in life. Many people do not have stand alone Long Term Care insurance, because it can be cost prohibitive. The solution I like to offer is a Whole Life Insurance Policy that has a Long Term Care Insurance riders as well as the ability to take out the cash value as you age.
Sound expensive? The policy may have a higher premium than Term, but you have the option to get money back and you can use your proposed death benefit while you are living and then leave the remainder to your heirs. This policy sets up benefits for everyone in your family and protects them from having to sell all of your assets to pay for your Long Term Care needs. Contact LG Insurance to answer your questions and to determine if Whole Life Insurance is a good fit for you and your family.
