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So the name of this blog is Term Life Insurance Digest.  Here I talk about lots of things relating to term life insurance.  You’ll notice that I also throw some things in having to do with my life.  It’s not all about term life insurance, but you’ll see that the majority of my posts have to do with insurance.

I think term life insurance is very important.  Not everone needs it, but there are lots of different types of people that should have it.  I think that often the people who need it the most don’t have it.  If you are married, young, have little children, and are struggling to pay the bills, then you probably need it the most.  Once you make a lot of money and have lots of savings, it’s less likely that you’ll actually need the life insurance proceeds (unless you have a lot of debt, or various other reasons).  But if you are a young married couple, and especially if you have young children, then you should definitely get life insurance.

Term life insurance, also known as level premium life insurance, is probably your best bet.  It’s the most inexpensive form of life insurance.  And if you are in your twenties or thirties it is very reasonably priced.  For ten bucks a months you could have a lot of protection.

Anyway, you can see that I feel very passionately about this.  (Or if you can’t see it, just believe me.  I am passionate about it :).  If you want to see how much it would cost for you, there are many life insurance websites out there.  Try typing in “term life insurance” into google and see what comes up.  Many of those websites will give you free term life insurance quotes.  Make sure you look at a site that quotes multiple companies.  The prices can vary a lot more than you might imagine.

Buy/sell insurance is normally purchased by a company with two or more partner owners.  Each person (or the company, it can be structured in different ways) buys a policy on the other partner.  If one of the partners dies, the surviving partner or partners use the life insurance proceeds to purchase the deceased partner’s portion of the business.  There is usually a contract that goes along with the purchase of buy/sell life insurance, stating the terms of the buy/sell agreement.

I actually know of a case of dentists that were partners.  They considered getting the buy/sell policies on each other.  One of the dentists got the policy; the other did not.  A few months later, the one that got the policy died of a sudden heart attack.  If the surviving partner had also purchased a buy/sell life insurance policy, he could’ve easily paid the widow for the deceased partner’s portion of the business.  But instead there was a lot of drama.

A buy/sell agreement with life insurance is not always appropriate for all companies.  However, it can be a great investment and insurance plan for partnerships and other small businesses.