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Term Insurance - Information About Term Insurance The fundamental purpose of life insurance is to provide dependents with the financial support they would lose if you died. If you're straining to buy enough insurance to accomplish that goal, then term is what you should buy. Dollar for dollar, term gives you the most protection for your money. Period. Beyond that important truth, the arguments for term are the arguments against whole life. True, the cash value in a whole-life policy could add to your financial resources as the years pass, you can't get your hands on the cash unless you surrender the policy (thereby terminating your coverage) or borrow some of it. Borrowing keeps the policy in force, but any unpaid loan balance will be deducted from the face amount if you die. To restore the full face amount of the policy, you'll have to repay the loan, plus interest. How expensive are these loans? Some companies charge variable rates so that the interest they collect reflects the current market. Others reduce dividends to reflect the amount of the cash value encumbered by the policyholder's loan, an approach called direct recognition. Under direct recognition, in effect, the more you borrow the less your policy earns. Either of these approaches can make policy loans more expensive than they appear. In any case, you can leave your options open by starting with a term policy that you can convert to whole-life coverage. |
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