The Dirty Secret Your Insurance Agent Isn't Telling You

We've all had to make those intimidating purchases. You know, those purchases that make you feel like you're signing away your life in blood. And all those people standing around telling you to sign here . . . and here . . . and there. You pause because you want to read all the fine print, but they just push you through it. I know, I know . . . we're supposed to read everything we sign. But they are the professionals, right? I'm talking about the ones standing over your shoulder and pushing you though the closing of your first home or having you sign that paper work for that first new car purchase. We trust these people to give us good advice and to help us. And it just leaves a nasty taste in your mouth once you find out they just pulled a fast one on you.

Since there are so many things out there that require the assistance and guidance of a professional, it seems we are destined to run across someone who will take advantage of us. Even when people are required to get certified, licensed and attend ethics seminars, we can still be taken advantage of in a big way. Money is power . . . and "power corrupts", as they say.

The world of insurance isn't any different. Insurance is another one of those essentials that you need. But if you choose poorly, you can get ripped off in a huge way. And worse, many people find themselves put off by the expensive cost of whole life insurance and choose to neglect the protection their family needs. But, there might be a dirty little secret that your insurance agent isn't telling you. Among the professionals, term life insurance is known for being the cheapest and most efficient alternative to permanent or whole life insurance. The affordable price of term life just simply can't be beat.

Term life insurance lets you decide what type of policy fits your needs. You can choose terms anywhere from one to 30 years. And, you can have flexible and comfortable payment options and small payments as low as $8 a month. Do you need just enough to pay off your mortgage or do you need enough to keep your family afloat for many years to come? The choice is yours. You also have more freedom to choose the beneficiaries you desire.

Yeah, we all want to live forever. But, let's face it, we need to think long and hard about what can happen to our loved ones when we pass on. We love them and we want them to be taken care of after we pass on. We want to leave that protection as a gift to them. Besides, you want them to remember you after you're gone. They won't have time to reflect on you in a proper way if the mortgage comes crashing down on them with a foreclosure following closely behind. A term life policy can protect them against all of that.

I'll admit, term life policies sometimes come across as "cheap" — in quality. For that reason, many say that whole life insurance beats out term life. But, anything has poor quality if you pick a bad product. You can get a poor quality whole life police, too. Actually, whole life just isn't cost effective when placed next to a good quality term life policy. Agents who sell whole life policies like to keep the secret advantages of term life . . . well . . . a secret.

Here's why term life insurance is better than whole life insurance. A 35 year old person can get a policy valued at $200,000. The cost: $30 a month. OK, that's $360 annually. But for that same rate, you will only get $30,000 of protection. Did you read that? Only $30,000! Next to $200,000, that's a smaller number isn't it? Much smaller. A whole life policy feeds the insurance company because they take your premiums and invest them. But, your family will only get a meager payout should you pass away. So, what happens to all the money they make off of your premiums? Will they give those profits to your family on top of the $30,000 policy you paid too much for?

Good thing that term life insurance is an affordable choice for almost anyone. Don't neglect protecting your family once you've concluded you can't afford whole life insurance. Remember, always shop around to find the best plan. Not every term life policy is perfect, either. So, do your research. That way, the so-called professionals can't steal from you so easily. You'll also discover that a good term life insurance policy can easily fit your budget while preserving your most important assets for your family.