Do you love someone deeply enough to spend your hard earned dollars on a life insurance premium — month after month?After all, the benefit from a life insurance policy isn’t for you. It’s for the ones you love, but after you’ve gone.Life insurance is money paid to those who rely on you today to give them a secure standard of living, which they can lose in a heartbeat.This is money when they need it the most … with no income tax or publicity.Buying a life insurance policy can be challenging because it isn’t an easy subject matter to begin with.
And there’s an overwhelming number of companies and agents all clamoring for your attention.The purpose of this article is to help clarify a huge misconception about term life insurance.While doing this, I’ll introduce you to what many knowledgable professionals consider to be the best kept secret in a life insurance policy.Buy term and invest the difference is a phrase touted by those … including some life insurance agents … who have absolutely no idea how much harm it’s implementation can cause.
Supposedly your kids have finished school and are doing just fine earning their own income. And you and your spouse are living comfortably on retirement savings and social security.On the surface and to the naive, this might appear reasonable.It’s relatively easy to blow holes in this hypothesis, but let’s focus instead on the real problem with this scenario.We are living longer … much longer … than ever before. We may not be enjoying it very much due to poor health but, nevertheless, we’re hanging on.Life insurance companies know this better than anyone.
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