Reader’s Question:

A life insurance salesman told me that I should go with a whole life insurance plan here in Houston, Texas. Aren’t whole life insurance policies for old people only?

Norris

Houston, TX

Whole life insurance policies are not necessarily just for the elderly or senior citizens. In fact, these days almost anyone can get a life insurance policy. However, that doesn’t mean that you have to jump into the very first offer presented to you there in Houston, Texas. One of the most important things to remember when buying life insurance is to purchase a policy that best addresses your financial goals and requirements, especially in the long run.

You could very well benefit a lot from a whole life insurance policy, even while you are still young. But is this what you need? Do you think that life insurance agent had your best interest in mind when he or she offered you a whole life insurance? Were you asked about your present circumstances, whether you only need insurance only because of a hazardous job or if you prefer to accumulate money under your policy in the long-run? Or did the agent just go into all the bells and whistles of a whole life policy? If it was the latter, I recommend you talk to a different agent for your life insurance needs.

Whole life insurance works best if you plan to keep insurance in the long run, but if you only need temporary coverage while taking care of long-term financial obligations (e.g: mortgage, loans, tuition) then you may benefit more with a term life insurance policy.

 

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