Term life insurance does not build cash-value or have the tax benefits like universal or whole life, but it can be a great option for someone who would like life insurance, but can't afford the higher premiums. Here is a check-list to help you decide if a low cost term life insurance policy is right for you:
You're on a budget and cannot afford a very high premium.
You are young, and in good health.
You are looking for a simple, straight-forward, low cost life insurance plan to protect your beneficiaries.
Talking to Your Insurance Agent About a Term Life Insurance Policy
When checking with your agent on term life insurance, ask a lot of questions. Generally, agents do not receive as much commission on term life insurance verses cash-value policies so you may have to probe a little for more information.
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