Term life insurance has always been known as a pure insurance because it is strictly paid upon death with no cash value if left unused. Term life insurance is relatively inexpensive for this very reason. You are paying for peace of mind and protection, knowing your family would be financially secure upon your untimely death. In the event that you are still alive at the end of your term, any premiums paid over the years are basically gone. Ultimately, you paid for something you did not end up needing. Those who are unhappy with that notion typically end up buying other types of life insurance such as permanent life or whole life insurances. Unlike term life insurance , these two options are owned and develop cash value over the years. You can even borrow against some of the policies if you have accrued enough credit.
The beauty of term life as opposed to permanent or whole life is of course the lower premiums. Cash value policy premiums are significantly more costly. Because many applicants were unhappy that they had to choose one or the other (no cash value versus something that offers some type of savings account), many insurance carriers developed a happy medium. This...
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