Term Life Insurance Drawbacks and Problems
- It doesn't give you permanent life insurance coverage
- If you refinance your home, your term insurance may expire while you still have an
outstanding mortgage balance and/or extend your payments
- You don’t accumulate cash value tax deferred
- Coverage only lasts for the term length you purchase
- You won’t have as many riders or features as whole or universal life insurance
- It may not be appropriate for paying taxes on your estate in your senior years
- Your premiums usually cannot be lowered
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