In Part 1, we reviewed the fundamental differences between Term and Permanent Life Insurance. Basically Term is cheaper but it expires and gets more expensive as time goes on. Permanent life is way more expensive, but it lasts forever and has the potential to build up cash value. We concluded with me learning a fact about life insurance that made me question my Variable policy. I’ll explain below what exactly that was and how it caused me to request two new quotes so I could crunch the numbers to determine whether the Term or Variable Life Insurance policy was truly the better deal. … [Read more...] about Which is Better – Term or Permanent Life Insurance? – Part 2
Permanent Life
Which is Better – Term or Permanent Life Insurance? – Part 1
Some of you may wonder “What in the world does life insurance got to do with my personal finances?” The truth is that it plays a more significant role in your money than you think for 2 reasons: 1) Life Insurance is about taking care of those you leave behind. Do you have a spouse? Children? Dependents? If something were to happen to you, who would take of the bills? Pay the mortgage so they can stay in their house? Pay for your kids’ college? Life insurance is part of your safety net for protecting those you love. 2) Choose poorly and you can significantly over-pay! There are thousands of life insurance products available, and the costs can vary dramatically. If you learn about what the differences are, then you can select the … [Read more...] about Which is Better – Term or Permanent Life Insurance? – Part 1
