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Talk about a boring and morbid topic… or so I thought.  I was heavily recruited to sale insurance from the beginning of my career.  I thought “No way!”.  Nobody grows up dreaming of selling insurance.  Here I am now, though, and I love what I do. 

To clear up what I didn’t know before I changed careers, and what most people don’t know, here’s the basics of life insurance.  Take two minutes and get educated!

There are two basic types of life insurance: Permanent and Temporary.  Permanent life insurance has more variations so lets talk about temporary life insurance first.   I’ll talk about permanent life insurance next week.

Temporary life insurance is most commonly called Term Life Insurance.  It only covers you for a certain time period.  Typical terms include 10, 15, 20, 25 and 30 years.  There is no cash value in the policies, so their benefit is limited to two things:  Peace of mind while you’re alive, knowing that your beneficiary, the person that gets your money if you die, is protected, and, of course, the death benefit if you die. 

Term life insurance is the least expensive type of insurance, since there is no cash value accumulation.  Because of this, virtually everyone should have at least some term life insurance.  It is very difficult to justify not having life insurance when the cost of term life is so low.

If you don’t have term life insurance and are wondering if you should, check out this list and see if any of them apply to you.  If one of them does, then you need life insurance!  

Here you go: 

  • You have children who are minors 
  • You wish to leave a legacy to your adult children
  • You have a mortgage
  • You’re not retired yet
  • You want permanent life insurance but can’t afford it
  • If you have a large amount of debt
  • If you’re married
  • And the list goes on. 
The short and simple truth is you need life insurance, and term life can be a great way to protect your loved ones.  

Tune in next week for permanent insurance and prepare to be amazed!!!  Really! 
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