Maybe I just don’t understand what they’re doing. BUt it seems to me if I take out a 10 year policy that costs $100 per month, I’m betting that I’m going to die within that period of time and the company is betting that I won’t or that they won’t have to pay out. If I get to the end of that 10 year term, then I’m just out $12,000. What am I missing?
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I have about $750,000 in term life for the next 8 years. (started about 7 years ago) got a term that would have insurance up to the time my youngest kid should be in college. If I die in that time expenses for my kids are handled and they will have more than enough to pay for college and get started in life.
If I don’t die I am out only a fraction of that $750,000 which is about $36,000. I am paying to cover expenses for my children if I die. For me that money brings peace of mind. Between my retirement investments and life insurance my kids will not need to worry about finances i I die.
If you don’t have a wife or kids or other dependents to worry about then term life is not for you.
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