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Here is a simple fact about the purpose of life insurance; you do not buy life insurance for the reason of accumulating more wealth than you have.  So do not be perturbed by the shouts of experts that say that whole life insurance is a terrible investment and at the same time term life insurance does not represent an investment at all.  The main reason you buy life insurance is to protect the assets and the wealth you have already accumulated.  This is a lesson you will learn from all wealthy people is that they take all the necessary steps to protect their hard earned assets.

Now with that settled, let’s face a hypothetical situation.  Let us assume that you suddenly die, how will your close ones continue staying in your house without the struggle of keeping up payments?  Have you thought of how your children will pay for college fees of you were not around?  Who will be responsible for your funeral expenses and clearing all the debts that you have left behind?  Do you think your loved ones will continue with the quality of life that you have offered them?

Suppose a sudden accident or a sudden catastrophic illness causes your unexpected death, only leaving happy memories with your loved ones will not be enough to live on and survive.  There is one thing that you should do to enable the happiness to live on and this is, you need whole life insurance.

You might wonder how much whole life insurance do you need to keep what is important to you secure?  There are principles that you would look to establish how much life insurance you need.   One way is to determine what your debt liabilities are by looking to secure the investments in your home, cars, personal and precious property.  This way if you were to die then you are confident that your absence will not result in hurtful loses.  Another way is to determine how much whole life insurance you require is based on the projection of your lifetime earnings potential to come up with a figure of lost earnings in case of death.  The third way is a derivative of the second.  It has been found that is taken on average a decade for a family to go through a grieving process and fully recover for the loss.  With this in mind a cash value of their needs is determined to maintain the family’s sustenance for ten years.

When you meet insurance brokers when comparing life insurance, most will attempt to convince you that for a fraction of the cost of whole life insurance, term life insurance will provide the same amount of protection but at a cheaper cost to you.  This is not wrong or false if you look at it under a microscope but there is an important omission to be considered.  This consideration is cash value.  Term life insurance will protect your family in the event of death for the term of the policy but with term life insurance there is no cash value.  You do not accumulate equity with term life policy from which you could count on in times of emergency.  With your whole life insurance there is double benefit of protection and accumulated cash value meaning that you get protection both in tragic times and when things are good.

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