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Should you switch from term life to permanent life insurance

Sunday, September 21st, 2014

We’re all aware of the importance of life insurance and its benefits. In short, their main goal is to provide financial security to those dependent on us, usually family members and those close to us. The thing is, we rarely think about ourselves when buying life insurance, which usually comes in form of term policies to cover for our short term goals. Those among us who would like to have more than just coverage for mortgage or security in knowing that our kids will have enough for collage should look at non term options – those types of life insurance have a financial value that can be used in time of need.

Why would anyone want to buy pricey permanent life insurance rather than term? Well, it’s a simple answer – it can provide additional funds to be used later in life. Just to rephrase this a bit differently – it has monetary value that will increase over time, to be more precise, the additional money it provides can be used for medical purposes at the old age.

Some recent studies came up with rather interesting numbers when it comes to percentage of elders in need of long-term health care. The numbers clearly show that over 70% of people aged 65 or more need additional care at some point in their life, with married couples the chance of one spouse needing care is over 90%, while people living alone are more prone to need of continuous home care in later stages of their lives. If you add the costs of care for elders – up to 5000$ per month (over 50000$ for each year of life) to the whole equation, the picture of old age days becomes gray to say the least.

And now, some good news. Insurance companies have implemented some changes to their term life insurance policies allowing people to switch from term to permanent life insurance keeping all the benefits both types of life insurance can offer. When you add some savings that can be made if you’re paying for insurance on annual or semiannual basis, the monetary value of permanent life insurance policies becomes even greater.

In conclusion, a hundred or two hundred thousand dollars in form of life savings may give you a few years or life with additional care, a life insurance costing a bit more than a simple term can give you much more than that, anyway you think about this, it’s easier to come up with 2000 or 3000 dollars per year now than it is to come up with 50000 bucks later in life.


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