You Bet Your Life: Say the Secret Word and Save Big Money

Life insurance is an unfortunate necessity in life if you’re the primary means of support for your family. “What would happen to my family if something were to happen to me?” is a question that weighs heavily on many people’s minds. Enter the concept of life insurance. Should you kick off unexpectedly, your family is protected. It’s one of those things that you simply have to pay for. But, like most things, there’s no reason to pay more for life insurance coverage than you have to.

Life insurance is a gamble between yourself and the insurance company. And it’s a grim bet at that. The insurance company is betting that you won’t die while they’re covering you, and you’re betting that you will. It’s not a bet that you want to win, and not a bet that you want to lose by spending an inordinate amount of money on your coverage.

The Secret Word is ‘Term Life’

The life insurance industry developed a way to stack the deck in their favor some time ago. Understanding that, with the exceptions of unforeseen accidents and unexpected sudden illnesses, people generally die when they’re very old and improving medical technology is extending life expectancy all the time. With these things in mind, the industry developed term life insurance.

Term life insurance does exactly what its name implies: covers you for only a specific period of time, or term. It may be ten years, twenty, thirty, or more, depending on the policy. The insurance company wins the bet if you live through the entire term. They basically increased the odds in their favor. Everybody dies, but not everybody is going to die in the next twenty years. The thing is; term life insurance costs less than traditional whole life coverage. In fact, it costs a lot less.

If you need life insurance coverage, you really don’t need it until you’re eighty or ninety years old, right? You need it during the time in your life when your family would suffer financial hardship if you were gone. By purchasing term life insurance you can save a bundle and then take the money you save and invest in savings, IRAs, mutual funds, stocks and bonds, whatever the amount will allow, thus preparing for your future and your family’s future more securely than ever before.

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