Term Life Insurance is like renting protection, in some cases more like rent-2-own.

It is a very good product for straight protection, and it is very simple to understand.

You pay your monthly term life insurance premium, you get the benefit so incase you pass you get the face amount you paid for. This is great for young people starting out, or single moms. In many cases it has a place in business as a Buy/Sell tool, or a cross purchase benefit in case of death. It also works well as a Key Person protection for businesses who rely one an individual as a major source of income.

Term Life insurance is also used for Charitable giving, where a person will purchase a face amount of Term Life Insurance and have the beneficiary a Church or other non-profit organization. This is a great strategy for Non-profits, as it is very inexpensive to purchase term life insurance and the reality is in large groups there is going to be mortality sooner or later and the cash payment to the non-profit is usually far greater than the individuals monthly expense so it works out in great proportion for the non-profit or church the insured named as beneficiary.

Most Term Life insurance policies have a convertible clause that will allow the insured to convert the TERM plan to a permeant plan where he or she can see some equity build and fix the cost over the long haul so the payout is a benefit to the insured. This is like buying the house, after you have rented it for ten years. The concept is the same it is easier to make it your own, you don’t have to move so it is very easy. At this point, you probably can now afford more toward this benefit and it is a better time. The good news is that it is guaranteed, so if you did happen to get sick while renting they are obligated to give you permanent coverage per the convertibility clause most plans have.

So whether you start from renting or go straight to owning, Life Insurance is a very important part of your overall financial strategy.

I know it is not the most pleasant topic to discuss, but it is one you should take to heart and act upon while you can. Please don’t be one of these stories where the WIFE goes to the insurance agent the day after her husband passes away and asks, "You did have a Life Insurance policy on HIM; DIDN’T YOU ?"

Don’t make it your insurance agents responsibility to tell her NO.

Don’t make this the conversation either" Well HE was planning on doing it, but LATER or He DIDN’T have time so it never got done " and now you are left with 3 kids, a mortgage and the luxury of finding a job to support them.

You don’t buy Term Life Insurance for your self, you do it for the ones you leave behind !

Make adding term life insurance a priority, because you don’t know what tomorrow holds.