Plan for The Long Term

Life insurance ensures your family is protected. It offers peace of mind: your loved ones will be safely supported. But how do you choose between term and permanent life insurance? It depends on your budget, how long you need the coverage and your long-term plans.

The best life insurance for your family is the one you still have on the day that you die. You could outlive a term insurance policy; what will you do then? Many term policies will allow you to switch term coverage within the first 5 years. This is particularly useful when there are limited dollars. For example, if you purchase a 10-year term policy, in the 3rd year, you could switch to a 20-year term, without any evidence of insurability.

You will face dramatically higher premiums which can make renewing your policy unaffordable. They will be based on your age, health, and the policy rate that’s set when you’re much older. A permanent life insurance policy offers consistent, long-term protection. It’s your dedication to your family’s welfare. With steady premiums that won’t increase.

Ask your Carte Financial Advisor to help you compare the two costs. As with all good financial planning, if you intend to stay insured, then plan that commitment strategically.