Basically, there are two types of life insurance policy which you can confidently insure your life, whole life and term life insurance. Term life policy is generally cheaper compared to whole life, but many are unaware of this fact. Every business man has the intention of maximizing profit, that been the case term life policy is your best option.
A term life policy can generate surplus income on yearly basis binging you extra dollars to make an investment. You should know that most insurance companies are usually cautious when investing your funds, many likes this while some choose a risky but a golden business opportunity. The fact remains that you are better placed with a term life insurance policy.
Charge
Term policy has a high cost advantage above whole life insurance Many a time, the annual cost of term insurance is very minimal compared to same policy in whole life coverage, thereby given you a lot of comparative advantage. To be explicit, you can get a term policy for $120, 000 to cover a period of ten year term which is invariably cost about twelve dollars monthly. The same facts which are considered when buying a term life is also same that is considered for whole life policy like age, occupation, smoking, health, family history etc, while term premium is relatively cheaper.
Investment.
As you have comparative gain in term coverage annually, therefore, you can channel your money to any business venture of your choice rather than allowing the insurance company to manage your fund. Therefore, by personally managing your fund you can be more liberal in engaging in business ventures and make more profits because the insurance companies are usually very conventional in investing policy holder's money.
Flexibility.
With little money you can buy 10, 20, or 30 year short term plan. More so, you can decide the particular stage of coverage this could give. That means that term policy has a great height of flexibility, and also nice investment plan for its investors.
There is no need to advance funds to cover your mortgages even on expiration hence it has been totally paid for. You may choose to take a policy that will cover your children during their infancy hence they will fend for themselves at full age.
Finally, term life insurance has a wide range of benefits you can take advantage of over whole life policy. Why spending much money on whole life coverage when you can get the same security cheaper and still manage effectively your reserved fund? Take up a term coverage today and make triple benefits in future.
