Term life insurance is often Less expensive than other types of insurance, especially when the insurance is purchased while the policyholder is younger in age. Because of its affordability, it can be a good choice for short-range goals, such as until your youngest child finishes college, while you pay off a loan, extra insurance protection during child-raising years or until you are able to afford a more permanent type of life insurance. The cost and availability of the type of life insurance that is appropriate for you depend on factors such as age, health, and the type and amount of insurance you need.
These common mistakes can have a devastating effect on the beneficiary of the life insurance and can cause unnecessary and undue harm. Approaching the purchase of the life insurance policy with sufficient information can help avoid these basic mistakes and have the policy provide the desired protection.