1. Life insurance is unaffordable
Term life insurance policies come with no policy supplements, unlike whole life insurance which can include a cash value investment component. This bare-bones type of life insurance makes it an affordable coverage option — anywhere from five to 15 times cheaper than whole life insurance policies.
Typically term life insurance is better when you are "younger." For example people under 55 or so with relatively good health can qualify for term. We tend to keep whole life insurance for those over 55. It makes more financial sense.
To find a policy at the most competitive rate for your individual circumstance, you should compare policies at different life insurance companies. Every company treats each individual circumstance differently and shopping around can help you find a life insurance company that offers you the best premiums.
Here at EM Financial Group we contract with over 15+ A Rated Life Insurance carriers. This gives you the opportunity to shop around without the hassle of talking to 5-10 different life insurance agents.
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