family finances

Term Life Insurance?

9:17 PM

A family friend is offering a term life insurance but I politely declined. For one, I'm not really familiar on what a term life insurance is. What I'm more familiar with is the traditional permanent life insurance. I tried to do some researching but the financial terms are eating up my weary mind! Argh! I'm sorry but I am really a noob when it comes to numbers.

The only thing I was able to grasp was that term life insurance is the cheapest form of life insurance. It is cheaper because you can specify the years of coverage. In doing so, you can provide security for your family and save money at the same time. The money that you save can be used to invest in other financial ventures.

I tried an online term life insurance site and was able to compare the rates of different insurance companies. I guess, the best thing to do to get clearer answers is to call my friend again and let him explain about term life insurance more. Probably, it'll be better if I call him than him calling me so that I'll be a more attentive lister. What do you think?


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