Many term life insurance policies will give you the option to convert them to permanent life insurance when the term is up. This means if you are 30 years old and buy a 30 year term policy it will expire when you are 60. At that time you will have the option to convert that policy to a permanent life policy, the downside is that now you will be rated as a 60 year old instead of a 30 year old. There is a big difference in those two prices. Many people believe in the "buy term and invest the rest" strategy. If you are disciplined enough to stick with that plan than that might not be a bad idea for you, the problem is that most of us will take that extra money we saved my buying term life and spend it on a new car, plasma t.v., cruise, (plug in your weakness), and we end up with nothing. The other myth about this strategy is that if you buy a 30 year term life policy you will have your home paid off and no debt by the time that policy expires and you won't need the insurance. Again, this sounds great but go ask your parents or your grandparents if they have their home paid off. 90% of them will tell you no and chances are if you are normal you won't either.
If you listen to the Suze Orman's and Dave Ramsey's of the world they will tell you that all insurance agents are bottom feeding scum that just want to sell you a permanent life insurance policy because they make more money. Are there some agents who do this? Probably. Are there some car dealers selling lemons? Probably. Are most insurance agents out there trying to rip you off. No. I would lose my license if I engaged in these practices, also I would probably lose all of your business if you found out I was cheating you. I don't make any money by selling someone one policy and then watching them take their business somewhere else three months later. What I'm trying to say is that everyone's situation is unique. Maybe term life is the best option for you, maybe not. My job as an agent is to understand your situation, explain to you your options and answer your questions. You should be making the decision and you shouldn't let any insurance agent, radio or t.v. personality or relative make that choice for you.
If you have a policy now from any company and would like us to review it for you we would be more than happy to do that. If you do not currently have life insurance and you are interested in a free quote give us a call at 801-796-6161 and we will take care of you. Please know that we will not try to sell you something just to make some money. We want to help you find the right policy for your situation.