When you are putting together your financial planning portfolio, one of the most boring aspects of it is life insurance. You’ve been told a hundred times that you should have life insurance, but what kind of life insurance should you buy?

If you discuss this issue with the majority of insurance agents, they will probably tell you to get the whole life insurance-you know, the one that costs more monthly but builds up cash value over several years as you keep putting money into it.

On the other hand, the majority of non-insurance agents will tell you to go with term life insurance-the one with the much lower monthly payment that only pays out when the policy holder dies.

I am in the camp of those recommending term life insurance, and here are 3 reasons why:

1. Term insurance does what life insurance is meant to do

The purpose of life insurance is to make sure your loved ones are protected in the case of your untimely death, so why complicate matters by turning the policy into an investment vehicle? With term insurance, you can cover your loved ones during the period of time they need the coverage, which is why you are buying it in the first place.

2. Term life insurance is far cheaper than whole life insurance

Term life insurance not only does exactly what life insurance is supposed to do, it does it at a much cheaper price than whole life-in some cases, the same amount of coverage can be hundreds of dollars per month less with term life insurance.

3. Term life insurance allows you to have greater control with the rest of your financial portfolio

Why commit hundreds of dollars monthly into a policy where much of that money goes to policy maintenance fees and it is very difficult to tell what kind of return you can expect on your investment. You’d be better off taking that money and putting it into investments that suit your family’s needs and give you more flexibility and freedom with your money.

So for most of us, the best plan is to protect our families with term insurance and invest the money we save into the financial vehicle of our choice. Decide for yourself what kind of life insurance is right for you by comparing rates today.

Compare low cost life insurance quotes today, and take the first step toward securing your family’s financial future at www.lifeinsurancequotetoday

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