I don’t mean “How long will you live?” No one knows the answer to that question! We all know that life can be unpredictable and none of us knows how long our life on earth will last.
What I mean is, “How long will your LIFE Insurance last?” Did you know that the vast majority of life insurance policies only last a limited time? For example, if you have a policy through the company where you work, most of the time that policy will only remain in force as long as you are still working. When you are no longer working there, your policy will expire.
If you purchase your own life insurance policy, how long will it last? If you buy a term policy, it will normally be guaranteed for a certain number of years – usually 10, 20, or sometimes up to 30 years. That sounds like a long time, but the vast majority of people outlive their term policies. In fact, statistics indicate that less than 2% of term life insurance policies ever pay out to a beneficiary!
If you really want a life insurance policy that will benefit those whom you love when you die, you should consider a permanent life policy. Permanent life insurance has no limit on the number of years in effect and will last as long as you live. In addition, permanent life insurance builds a cash value that you can access at strategic times along the way.
When that day arrives and your life comes to an end, whatever you pass on to your heirs through life insurance will be tax-free and will not have to go through probate. This protects your estate from needless fees and regulation and allows you to give more to those whom you care about.
So….how long will your LIFE last? Let’s get together and make a plan!