Term life insurance generally provides a death benefit and does not accumulate cash value. Some people believe that it is more cost effective to get a term life policy and put the extra money that whole life would cost into a separate investment. Their slogan is “buy term and invest the rest”. That is over simplifying the subject. For example, invest in what? And how exactly does a particular whole life policy’s features compare to a term plus investment plan? The truth is that there is no single insurance product that is always best for every person and situation.

As a Houston insurance agent my suggestion is to compare whole and term products if you want life insurance. A good agent should be able to show you rates, and discuss the features and benefits, of different policies. My belief is that my job is to show customers what is available and present options (not to try and sell a customer on any particular product).

Some situations that could favor a term policy include:

When you first learn about cheap term life insurance and what you can get for the amount of money you are paying I am sure that you wanted to get some more information about the different companies offering it as well as the details of such policies. You will probably then start to search the internet as this has a large amount of information contained to get everything started.

You’ve filled out numerous online applications for cheap term life insurance but as the quotes start to come back you’re realizing that term life insurance isn’t really all that cheap, you will find that some of the details will be presented to you whilst some wont until you will be applying for the policy. You may also find that some sites do take their time in getting back to you.

Like most people seniors also need life insurance. Simply because your children are all grown up and live on their own it doesnt mean that you shouldnt have life insurance to take care of some essentials. You will most probably not need as much insurance cover as a young couple with a few children would, but you should definitely have some.

Of course, if you have no one who depends on you financially, and all your bills are paid prior to your death and you have enough in your savings to handle your funeral expenses, you may not need life insurance. Even if the kids are gone and the bills are paid, you may still need life insurance.

Now days, dying has gotten very expensive. If you do not have $10,000 put away for funeral expenses, the burden will be passed along to your family. If you have a large estate. Estate taxes can be very high. Having a tax differed savings in your policy can pay for these taxes so the burden does not fall on your beneficiaries.