Which Life Insurance Policy Is The Best?

Written by Bobby Thomas Jr.—President, Co-Owner

March 15, 2022 · 3 minute read · Personal Lines

Blog Which Life Insurance Policy Is The Best?

There are many great options for life insurance for Tennessee residents, see what Bobby Thomas recommends.

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My name is Bobby Thomas, BTJ Insurance. And so today’s question is term life or whole life? A lot of people ask us that questions being an insurance professional, which one’s better, term life or whole life. Well, the answer is, it just depends. Whole life policies, I can make a case for. Term policies, I can make a case for. Whole life means it’s going to be covering you for your whole life. Meaning, it doesn’t end. As long as you pay the premiums. As long as you’re truthful on the application, you fill out the application, they issued a policy. That policy will not cancel. In fact, it’ll stay there for your whole life. Does it cost more? Yeah, it costs more. Matter of fact, you get a lot less face amount, a lot less coverage for a lot of more money.

Now, then there’s your term policy. You say, well, term is not a permanent policy like whole life. In fact, it’s temporary. In fact, you can sign up for a five year term or a 10 year term or a 15 year term or 20 year term, a 30 year term. And you say, well, why would I buy something that’s not going to last or that’s going to end? Well, it’s just like why would you rent? Well, you get a place to stay. It gives you peace of mind, gives you protection for your family. And that’s what term insurance does. Peace of mind while you need the most coverage for the least amount of money. So typically by term policy, when you got a house, you got children at home, you’ve got all these things that cause extra debt or extra… You’re needed quite a bit and maybe you don’t have as much money or you don’t want to spend as much money.

So I buy term and get the most that I actually can afford to protect me while I’m going through, while I’m raising kids, while I’m paying house notes and things of that nature. So term serves its purpose, and I can make a case for both. The cool thing about term life insurance too is that term policies with the good companies can be converted to permanent policies. So if you get sick later on and you become uninsurable, then you can convert your term policy, most policies, to a permanent policy. Just a couple quick points. Keep the questions coming though. Very good question, and we can go into detail. Let me know if you want to know more and I’ll take that topic to another level. Bobby Thomas, BTJ Insurance. Thank you and have a great night.

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