When Do You Need Term Life Insurance?

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    Larry GilmorePRO
    Agent Owner, Gilmore Insurance Services, Marysville, Washington State
    When do you need term life insurance? Probably the best use of term life insurance is when your "need" has a known begining and an end and are short term in nature. That was what term insurance was designed for. As a long term solution for needs, term is not as good a choice.  
    Answered on May 12, 2013
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    David RacichPRO
    Fountain Hills, Arizona
    Term life insurance is generally purchased to protect temporary economic liabilities. Term life insurance should be purchased at the first “life event,” where others would suffer economic loss because of your death. The life event could be protecting your spouse from mortgage payments which are predicated on your earning ability. Perhaps a young entrepreneurs starting up a business with partners where the business needs to secure a bank loan and the banking institution needs to protect the lives of the business owners. If someone will suffer economic loss because of your death, it’s time to purchase term life insurance.
    Answered on May 12, 2013
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