Term life: a great value in a bad economy
By Michael Gray
If you ask many Americans, the economy is in the dumps and most are feeling the effects of the long-term recession. People are out of work or working in a job where they are often over-qualified and underpaid. Employers are having a hard time finding funds to grow and demand for their products and services is down.
Furthermore, the stock market is rocky at best and investors have lost significant value in their portfolios, not to mention the housing market and the fact that many Americans owe more on their homes than they are worth. All of these circumstances paint a bleak picture but strengthen the case for term life insurance.
Regardless of the economy, the need for life insurance does not go away and, in fact, you may need more insurance now than ever before. For example, if you have lost your job, the likelihood is that you have lost all of your benefits, including your group term insurance.
Additionally, even if you have been fortunate enough to keep your job, you have probably lost substantial value in your retirement accounts or other investments. Furthermore, depending upon your geographic location, the value of your home has probably dropped dramatically and there is no upswing in sight. These are just a few reasons why you should buy more term life insurance.
Why buy term life insurance when the economy is bad?
The answer is that term insurance is the cheapest, most cost effective life insurance you can buy. In this economy, when the need for life insurance is increasing and budgets are tight, term life insurance allows you to buy a larger amount of insurance at a better value.
We all have been victims of this ugly economy, but there are things that can be done to make sure that your life insurance protection doesn’t take a back seat. Term life insurance is the solution!
A great strategy for maintaining an adequate amount of life insurance when times are tough is to apply for a shorter term policy, a 10-year level term plan, for the amount of insurance you need to supplement your shortfall. The 10-year term option is by far the cheapest way to protect your family or business.
This strategy allows you to put a band-aid on what is hopefully a temporary problem and to build a bridge to better times down the road. Don’t let the bad economy threaten the financial security of your family or business. Buying life insurance with short-term rate guarantees is the most affordable option and provides peace of mind in these tough economic times.