I met a retired insurance manager. He told me that he did not like term insurance because, at the end of the term, the policy lapses and he does not receive any more coverage.
I told him the following points:
* you can take a term insurance for 20 years
* at the end of 20 years, your total savings (from other sources) can be more than the insured sum
* there is no need for life insurance when you have accumulated sufficient savings.
He was surprised. He did not know that you can buy a term insurance for 20 years. He thought that it was only available for 3 or 5 years.
The cost of term insurance is very low, about one-tenth of the cost of a whole life policy. If you buy a decreasing term insurance, you get a further 30% to 50% discount.
Find out more about this low cost plan from www.income.coop/faq (look for i-term).
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