Whole life Insurance Information Texas TX
Reader’s Question:
I’m a single, healthy, non-smoking career woman and I’ve agreed to a whole life insurance policy that a life insurance agent here in Texas sold me. Is this a good choice of life insurance?
Marinelle
Arlington, TX
This is a very interesting question. Whether you made a good choice or not to go with a permanent life insurance will really depend on your circumstances, however, a permanent life insurance policy will work as well as a term life insurance, but will actually cost you more in the long run. One information that the life insurance agent there in Texas might not have been able to (or chose not to, as with a lot of cases) tell you is that it will cost you more to maintain a permanent life insurance policy as compared to a term or temporary life insurance coverage.
To help you understand better let’s use a general example, let’s say you are in your mid-30s and is in good health, you can choose to get a permanent life insurance policy that has a death benefit (face value) of half a million dollars, you might get an average premium of around $60 – $80 a month depending on your provider, but on a term life insurance with the same face value amount, you would only pay around $27 – $30 a month over a 20-year period. Again these are just numbers that would generally come out of a life insurance quoting system but you get the picture. It would be much more cost effective for you to get a term life and save up the money (and keep yourself healthy) until you are old enough to retire and then get a permanent life insurance.
Tags: permanent life insurance, life insurance, life insurance information, advise
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