If a person wants to buy 30 year term life insurance for 0,000. What happens if the insured is still alive after 30 years when the term is ended? Does he/she lose the money? If he/she wants to continue to have life insurance after the term has ended, does he/she have to buy term life insurance again but for a shorter term?
Chosen Answer:
Look, insurance is NOT an investment, it?s NOT a savings account. It?s a DEATH planning tool. When you buy insurance, if you think you?re going to need it for MORE than 30 years, buy PERMANENT insurance. Term insurance is for a TEMPORARY need, like until your kids are grown.
Define the goal, THEN pick the product.
So yes, just like when you buy a lottery ticket and your number doesn?t come up, you lose your money; when you buy term life insurance and your number doesn?t come up, you lose your money. If you want to continue it, just like the lottery, you have to buy another ticket, or another policy.
Tags: account, alive, chosen, death, ended, going, happens, insurance, insured, investment, life, lose, money, need, permanent, person, planning, savings, shorter, temporary, term, think, tool, wants, yearSource: http://lifeinsurance-guide.org/360/what-is-term-life-insurance-for-30-years/
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