Leaving a Legacy: Term Life Insurance
All of us feel the urge to one extent or another to leave some form of legacy for our children and grandchildren. We want to leave this world believing that the ones who matter most to us will be taken care of. It is for this reason that many people buy whole life insurance. They get into the mindset that at least if they die at a ripe old age as they hope, the money from a whole life insurance policy will be left to benefit their seed and spouse.
This hope is based on a fear and as a rule anytime a hope is rooted in a fear rather than responding to it, it lacks the power to really save. The fear that the <a href="http://1termlifeinsurance.org>;death insurance</a> hope is set in is that a person will be unable to make her or his savings or investments anything worth passing on to progeny. Rather than assuaging this fear or omened guilt, why not prepare your estate ahead of time? Anyone working for any amount of money can find a way to save a percentage. Small percentages over time, as you well know, accumulate into large piles of money.
With planning, you can generate a strong enough portfolio--no matter who or where you are--to both support you in retirement and serve as an estate for your family. This type of planning will cause you to see life insurance as a hindrance or a form of resistance against your goal. When framed like this, you will want to buy the cheapest form of life insurance available. That option of course, is term life. So, rather than hoping that the life insurance company will handle your estate planning for you, do it yourself and create the financial legacy you are actually dreaming about rather than a piddly insurance policy pay out.
