What does it mean to buy term life insurance and then to properly invest? At QQQ we believe in the concept of buying a term life policy and investing the rest. But what does that really mean? How does it affect you personally? Well we thought we would give you an idea of what it looks like.
Term Life Insurance Used To Be Bad
In the days before level term life policies, term life insurance was really not a good product. Every year your premiums would rise based on your age. Obviously this is not good for you or anyone else involved. These days you can get level term policies such as a 5, 10, 20, or even 30 year policy. These come with much better premiums and for younger people it’s the ideal situation.
So What Do I Do Now?
Now that you have a lower premium you can place the extra cost of a whole life policy in your investments. Let’s say you are paying $20 per month for your term policy. The whole life policy would have cost you about $100 more per month. What we recommend that you do is take that extra $100 and invest in other things. Your rate of return of return at the end of a 30 year policy is much greater than what your whole life policy would have been. So essentially, you have just taken your money and made more of it.
Whole Life is Not Useless
We’re not saying that whole life policies are useless. They are often a good policy for someone that is in their 60’s or 70’s and looking into final expenses. That’s a cost that no one can avoid. Someone who is 60 years old and very healthy, on average, will live another 30 years. So, it’s not a bad idea to look into a whole life policy at that point.
Most People Need Term Life
Either way, we believe that about 95% of all people need to look at term life insurance. You can spend a fraction of what your would be spending in a whole life policy and still receiving the protection you need if something were to happen. So that’s why we think you should buy term and invest the rest.
Give Us A Call for a Term Life Quote
If we’ve convinced you that it’s time to consider a term life policy, then give the experts at Quality Quick Quote a call at 1-844-571-7877! You can also visit our homepage and click the “Get Started Now” button.