Should I Get Term Life Insurance of Permanent Life Insurance?
@jrlcentral (2605)
Roxas, Philippines
September 28, 2015 12:12am CST
I've been reading a lot about getting term life insurance instead of permanent life insurance. They say term insurance is much cheaper and can be converted later on to permanent life insurance.
I'm 44 years old and wasn't smart enough to get an insurance while I was much younger and could have availed the insurance at a much lower rate.
My questions are:
1. What is the pros and cons of getting a term insurance at my age?
2. What would happen to what I have paid after the term expired? Am I getting it back? or it's just like a 1 year accident insurance that after it expired, well.. its gone.
4 people like this
4 responses
@owstalaga (4825)
• Philippines
6 Oct 15
Dang. I don't get the importance of insurance at all. I'd rather get another kind of insurance than life insurance... Maybe health insurance or something else. 
I think this is why I don't want to go into the business of being an insurance agent, even if the commissions are said to be good.
I think this is why I don't want to go into the business of being an insurance agent, even if the commissions are said to be good.1 person likes this
@owstalaga (4825)
• Philippines
7 Oct 15
@jrlcentral Oh you even took the license exam? I only got to the interview then decided not to push through with it.
1 person likes this
@jrlcentral (2605)
• Roxas, Philippines
7 Oct 15
@owstalaga yup. I gues just for the heck of it. But now, I realized I need to understand more about insurances. :D
1 person likes this
@jrlcentral (2605)
• Roxas, Philippines
6 Oct 15
Same here.. actually I have already passed their license exam years ago but never did become an insurance agent. I feel there always a catch.. but now I know the options... based from the answers here and from what I heard from others,term insurance is the best option (more affordable too)
1 person likes this
@softbabe44 (5815)
• Vancouver, Washington
29 Sep 15
term life is cheaper then whole life term i think matures at a certain date and whole life is something that you get right when you get the policy
1 person likes this
@jrlcentral (2605)
• Roxas, Philippines
29 Sep 15
Thanks Peggy. I'm considering now getting a term insurance. :)
@softbabe44 (5815)
• Vancouver, Washington
29 Sep 15
@jrlcentral thats probaby your best bet when it comes to purchasing it
1 person likes this
@scheng1 (24649)
• Singapore
8 Oct 15
I advise against it.
Those who bought term insurance always regretted the decision.
Term insurance does not have cash value, so the policyholders always cancel the insurance when they are jobless.
If you have whole life insurance, the cash value will pay for the premium. At least the coverage goes on.
Those who advocate term insurance either are good investors or they are working for the insurance companies.
The insurance companies want you to cancel term insurance, and a year later, you will buy another term insurance for a higher price.
1 person likes this
@jrlcentral (2605)
• Roxas, Philippines
8 Oct 15
Nice to hear another point of view. I've been thinking about the cash value, actually.
Thanks.
@jrlcentral (2605)
• Roxas, Philippines
6 Oct 15
Thanks for the advise. At least learn a little bit more about term insurance before I get one. :D
1 person likes this
