Is term life insurance your best buy? It depends. A Suzuki car may be inexpensive, but it doesn’t mean it was the model you decided to purchase. And term life insurance may be inexpensive, but not necessarily your best buy. Why? Because a slight savings in price isn’t everything when making a long-term decision; value is often the bigger consideration.

If you just need life insurance protection for a limited period of time, such as covering a 10-year loan for a business, term life insurance may be perfect. But buying life insurance to protect your loved ones, spouse and children, doesn’t usually end when the kids leave home. Your spouse may be in dire trouble if you died without adequate life insurance after the kids are gone and you’re still years away from retirement. Or during retirement, many older couples worry about the effect of their pension and Social Security amounts reducing when one of them dies and the healthy survivor has years left to live – but now with less income and fewer assets. Try explaining to a spouse that at retirement your group life insurance immediately reduces 50%, and at age 70 another 50%, a typical provision in many group contracts. You’ll just buy more? It may be cost prohibitive due to your older age, or due to a few so-called minor health issues that you’ve developed over the years. Realistic? Yes. It happens every day - health issues or age making the purchase of additional life insurance cost prohibitive.

Yes, the effects of some decisions aren’t nearly as apparent until years later, when it’s too late to correct a bad decision. Don ‘t live with regrets. Permanent insurance isn’t nearly as expensive today, as it use to be. Some permanent type insurance policies may actually be less expensive than older term policies. When’s the last time you compared? You might be pleasantly surprised at the new choices available. Ask for additional information. The facts make it easy to evaluate your decision.