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Is life insurance a bad thing? It certainly is not. It is, in fact, a great financial instrument.

Term life insurance policies are the cheapest types to buy. If you decide to spend a certain amount of money on life insurance you will get considerable more death benefit if you buy a term policy. The problem with term is that you have to die to collect. Term insurance has no living benefits. Term insurance also doesn't stay in force very long. Most term policies go into a state of lapse before the end of the first year. Why?

The first time the policy owner has some sort of financial problem they stop paying the premium. The individual feels he, or she, can always get another one when they are in a better financial position. This is wrong.

First of all you will be older when you decide to buy your term life insurance policy again. It will cost more for the same policy. Also, the older you are the more likely your health will deteriorate. And now you really need your life insurance policy to protect your family. You may need to pay even more to get it or you may not be able to get it at all. This would certainly put you in an uncomfortable position, wouldn't it?