Term Insurance Really Better Than Permanent?
The raging fires of the debate as to whether term life insurance is superior to permanent life insurance have cooled somewhat even though some so called experts hold fast to their beliefs. There are some, even though they have no real qualifications in insurance who hold to to the idea that term is better. There are others who claim to be investment experts who also agree. Has anyone ever bothered to ask the actuaries who have spent hours designing these products what their opinion is? Has anyone asked the consumer? The desire for permanent life insurance never died but on the other hand term insurance is more popular than it used to be.
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There are strong arguments that term insurance is pure life insurance but is it really? There are the contenders who claim that the difference between the inexpensive term policies and the more costly whole life insurance if invested would yield humongous profits but will it? Is that money invested anyway? Americans are enjoying more prosperity today than they ever had. Can a part of their prosperity be attributed to the fact that they are investing more money? Is the money saved or invested a result of the fact that they buy more term insurance and therefore have more money to put away? I don’t think so.
Americans earn more money today than they ever have and they are more conscious of the possibilities of true prosperity if they invest their money. The fact is that buying term life insurance as against whole life has nothing to do with their upward financial movement. Term life insurance is good insurance simply because it provides cash or income for our loved ones if we should die while they still need to depend on us. The cost is minimal, depending on the type of term life insurance policy you buy. The truth is that whole life insurance does the same thing. Your outlay is more but whole life provides many options that term does not consider.
Whole life has cash values that can be left to accumulate with the life insurance company. Your whole life policy can also earn a dividend. The amount will depend on how well the company performs. Dividends are not guaranteed. The dividend can be left to accumulate interest, can be used to reduce premiums or may be used to purchase paid up additions which are small single premium policies of the same type as the base policy. These additions also accumulate interest.
I think these so called experts should refrain from trying to tell people what type of life insurance to purchase and give them the option of looking at both types. These people are quite capable of making their own decisions as to whether the superiority of term insurance is a myth or is in fact a truth that all intelligent people should accept.
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