Why
Buy Term Insurance for Your Lifetime?
“It’s Guaranteed to Last Forever
or at Least as Long as You Do!”
Instant Term Life Insurance
Quote
Term life insurance is extremely popular because it
is very inexpensive when compared to traditional whole
life insurance. However, most term policies purchased
today are level plans which offer fixed guaranteed rates
for only a specified period of time usually 10, 20 or
sometimes up to 30 years. Unlike most whole life policies,
premiums for level term insurance eventually increase. Lifetime
guaranteed term, also referred to as guaranteed
universal life, is a combination of level term
and whole life insurance providing affordable coverage
at a definite rate for your lifetime. In this sense,
lifetime guarantee term insurance captures the best of
both worlds. Following are some of the reasons why you
should consider term insurance guaranteed for your lifetime!
- You Won’t Outlive the Coverage.
Level term insurance usually does not extend out to
your life expectancy. Most insurance companies limit
the ages for individuals considering level term insurance.
For example, if you are 65, you definitely cannot get
a 30-year term policy and there are
only a few providers that will write a 20-year
level term plan. Universal life or lifetime
term is guaranteed!
- Cheaper than Traditional
Whole Life Insurance-
Term insurance with a lifetime guarantee is the cheapest
form of guaranteed life insurance. Unlike whole life
insurance, these policies are not designed to build
significant cash value and therefore are priced accordingly.
If you are looking for “whole” life insurance
without frills, term insurance for life is the way
to go.
- Rates Will Not Increase Lifetime
term insurance offers guaranteed rates that will not
increase as long as you pay your premiums on time.
- You
Will Leave a Legacy. Life insurance
has been a great way to pass wealth tax free for a
long time. Many attempt to leave a legacy with level
term insurance but end up outliving the fixed rate
period and eventually drop the insurance. With lifetime
term insurance, you can guarantee that money will be
available regardless of how long you live. Your children
can pay off debts, settle your estate, and have money
to start a business or send your grandchildren to college.
- Paid-up
Insurance Guaranteed for Life.
Most companies offering lifetime term or guaranteed
universal life will allow you to pay-up your
policy and still get guaranteed coverage
for life. For example, you can design your policy
to have premiums payable to age 65 with no additional
premiums required thereafter. Obviously, if you are
shortening your premium period, you will pay more
over that period. However, having the option to purchase
a paid-up policy is very attractive.
- Estate
Planning. Let’s face
it, if you are privileged enough that your net worth
exceeds the current threshold of the
estate tax exemption, your estate will eventually
have to write the federal government a big check. No
one wants to pay these punitive taxes but they must
be paid, usually within 9 months. One
of the best ways to pay estates taxes is with life
insurance proceeds and lifetime guaranteed term may
be the cheapest way to pay them depending upon your
circumstances.
- Business Succession Planning.
Every business owner needs to have an exit strategy
in place because transitioning a business can be quite
complicated. Life
insurance is a great tool for protecting businesses. Properly
structured lifetime guaranteed coverage can assure
the continuation of your business in the event of your
death and guarantee that your family receives the fair
market value of your interest in the company.
- Special
Needs Planning. If
you have a child or grandchild with a disability or
special need, lifetime guaranteed term will provide
the necessary funds to take care of loved ones who
cannot care for themselves. Life insurance can provide
the funds needed to look after your loved ones long
after you are gone. Additionally, it is
the cheapest way to guaranteed funds are available
when they are needed most.
Summary
Life insurance is a crucial part of any financial plan
and there are several different
types of life insurance available. Lifetime guaranteed
term insurance is unique in that it combines the strengths
of term insurance and whole life insurance to offer a
low cost coverage that you will not outlive. You should
definitely consider lifetime term if you are seeking
inexpensive guaranteed insurance for life, trying to
leave a guaranteed legacy, providing cash for estate
planning or trying to assure a seamless transfer of your
business. For questions on lifetime guaranteed
term or to receive a custom life quote, call MEG Financial
today at 877-583-3955.
 Related
Links On What Is Level Term Life
Insurance?
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