Even though all around the world people are insuring their pets, their health and even expensive shoes there is something much more valuable they seem to be forgetting. The human life is not only important to the individual but also those who care about them, those that have seen them through the good and bad times. For this reason whole life insurance is definitely something that should be considered.
Over the years some have chosen term insurance for their life cover because they wanted to save money, although it initially is generally cheaper there is no reason why the prices cannot go up with inflation and there is no guarantee that there will be a pay-out at all. Once the term that was originally agreed has expired it is up to the supplier as to whether they will re insure you. Even if they agree payments will be considerably higher.
When your whole life has been insured the premiums remain the same throughout your life, meaning that when others who have chosen term insurance start complaining about the extra they are now having to pay there will not be a change in those who have signed a lifetime contract.
Although some people in the past have found it impossible to get insured because of their health, or they were being asked to pay more than they could afford things have changed. What has happened over the years is more providers have been created which has caused competition. This is not a bad thing as the costs have lowered to increase business.
With the internet anyone can find these companies and not assume that the brighter the advertisements the better the coverage, as it is usually the opposite. The smaller companies do not have so many overheads allowing them to offer you insurance at a price that is affordable. No one would pay over the odds for the same service they could get elsewhere.
Once a suitable company is found, the consistent price and any deals that are offered for the duration will remain. The only time the contract comes to an end is when life does so the whole process does not have to be repeated only to find the premiums too expensive. As long as all existing problems with health are mentioned, any that occur once you have been accepted will not make any difference as the original contract will be honoured.
Everyone likes to think they will be there to see their children grow up, graduate, get married and have children. If it is not possible due to an accident or ill health at least you will know provisions have been put in place to ensure the special moments you always dreamed of will be able to go ahead.
Leaving the future to fate is like playing Russian roulette and could feel that way to other people who are left with any debts in addition to funeral costs. Good memories and foundations are both things that will be appreciated by a spouse or children as they grow older.