Term Life Insurance and the Aging of America

by Michael on November 13, 2017

in Final Expense,life insurance,Taxes

With the aging of the “Baby Boomer” generation, some “facts” we came to take for granted need to be re-examined.

Many of us, myself included, were part of the generation of insurance agents who encouraged the purchase of (less expensive) term life insurance and “invest the difference”. People were spending a lot of money and only getting a small amount of insurance, when what they needed was a lot of insurance and a smaller premium. “Invest the difference” meant that – after getting adequate term life insurance – we would recommend that the “savings” in insurance premium be put in an IRA or some other type of annuity. This recommendation was made because life insurance is primarily to provide for dependents (replacing your income) and to handle your final expenses. Considering this primary reason for the insurance, term life insurance was usually the best option for most people.

Things have changed.

As people grow older, their needs change. They may or may not need as much  life insurance (i.e. the need to replace income lessens) and reasons for having life insurance also change.

Two facts to consider today:

  1. Permanent (or what we call “whole life”) insurance has gotten less expensive – in some cases, considerably less expensive.
  2. Term insurance is also less expensive and there are versions of it that return all of the premiums paid in at the end of the term (i.e. 10 years, 15 years, 20 years, etc).

For most people there is a continuing need for at least some type of life insurance, if for no other reason, to be able to cover final expenses.

Today, there are many fine choices in life insurance.

The only thing we have to do, is spend a few minutes considering what we consider most important and then implementing our plan. I can help you with the questions you need to ask yourself.  (Sometimes we already have all the answers – we just don’t know what the QUESTIONS are!)

Do yourself a favor, spend a few minutes and let me help you with this. Let me show you how planning can be a lot less-expensive than just allowing things to happen.

Let’s spend 10 minutes on the phone and discuss this.

Go to my scheduling page and I will call you at that time. Thank you.

https://calendly.com/mpmyers

 

 

{ 1 comment… read it below or add one }

Allen Taylor March 12, 2009 at 10:46 am

Nice writing. You are on my RSS reader now so I can read more from you down the road.

Allen Taylor

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