Some plans are temporary; some plans are permanent. The younger one purchases coverage, the cheaper it will be. Today's life insurance policies are no longer the "death" insurance policies of yesteryear. Many companies offer products with LIVING benefits - benefits that guard against the insured becoming chronically, critically or terminally ill at some point during their lifespan, and allow for the access to the majority of the death benefit while the insured is still alive. Some will argue that they don't have a "need" for life insurance, that they have the assets to cover the cost of a funeral. But I believe in the smartest use of money. If the average funeral in the US costs around $10,000 (and that's if you die TODAY and doesn't take into consideration rising costs and inflation), instead of having to drain an account of $10,000, or worse, having to sell off assets to come up with the cash, a Single Premium Whole Life policy typically delivers at least a 25% return on one's money (depending on age). That's an IMMEDIATE return! For example, with one of my carriers, a 65-year-old female non-tobacco user could "trade" a premium of $10,000 for an immediate death benefit of $18,552.88. A male of the same age would get $16,393.44. Throughout the life of their policy, they would still have access to 85% of the cash value of their initial deposit in case of emergency.

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