When it comes to purchasing life insurance, there has been an age-old war that has raged for over a century. Should everyone buy term insurance or should everyone buy permanent coverage, like whole life or universal life coverage? The answer is a resounding… NEITHER! There is no one-size-fits-all approach when it comes to insurance or any other financial matter. Each situation and circumstance is as individual as the person facing the decision.
A careful review of the solution sought can often yield the answer as to which type of coverage is appropriate for the need. For example, many of the needs that require insurance coverage are temporary in nature. So, in most cases, term insurance can be used to fill those needs. However, even though some needs for insurance will dissipate as we get older, inflation must be given consideration for the ones that will remain. Also, consideration needs to be given to your overall financial plan. When properly used, life insurance can also be an important “future cash flow” tool for you while you’re living as well. A consideration must be made that policy loans or withdrawals of cash value may have the effect of decreasing the death benefit.
Your Financial Solutions Group registered financial professional can help bring clarity to which type of life insurance will best accomplish your specific goals and objectives. Take advantage of the one-hour, no-cost consultation and see how you can get this special tool called life insurance working for you!.