Term Life Insurance: Best Protection for Families?
This is dangerous. Your employer could go out of business or suffer a setback any day, giving you a lay off. You could get fired— even if you think you are the world's greatest employer. Politics influence bosses and people who thought they were secure get fired every day. And people who are out of work are more likely to suffer from depression, often leading to accidents they would not have had under ordinary circumstances. Without life coverage, your family could be penniless overnight if something should happen to you. Planning your family's finances—from mortgage, to car payment, to setting aside money for children's education—is a complicated process. Adding one more bill to the mix may seem like overkill, but, in reality, without including life insurance in your planning, the rest of your plans could be for nothing. An easy, affordable choice for young families is Term Life. This type of coverage provides protection for your family during the growing years, usually a 10 or 20 year term although a few companies have Terms as long as 30 years or as short as five. You can get very high face amounts for a low price so long as you pass the medical underwriting. You can also add a rider that will cover your spouse should something happen to him or her, another rider that will cover all your children. (sometimes as little as $5.00 total will put $10,000 on each child), and even a disability rider that will pay the insurance if you should become disabled—usually prior to the age of 60. One important consideration when purchasing Term life is the term itself. You need to be aware that this type of coverage, although inexpensive, will usually expire. There may be built in renewal options, but they will not be cheap or will mean reduced coverage. Therefore, when you are able to do so, you should also consider enough whole life on yourself to pay for final expenses. A Term that covers your family and a small whole life that covers yourself, if purchased when young, will be cheaper than waiting and trying to get just a whole life in your senior years. request free no-obligation rate quotes »
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One
of the most important financial decisions for young families is
also one of the most often neglected. Recent surveys by groups that
track and monitor the purchase of insurance policies shows that
up to 45% of Americans under the age of 40 do not have life insurance
beyond what they may have through an employer. 
