When Samantha was 30, she made a pivotal decision to secure her family’s future by purchasing a term life insurance policy. With $400,000 in coverage and a 30-year term, she ensured her three children, aged 2, 4, and 6 at the time, were protected. The policy also included a child term rider, providing $20,000 coverage for each child, extending until they turned 25. After 18, her children had the option to take over the policy and ownership.

Samantha chose a term life insurance policy because it was cost-effective, allowing her to afford substantial coverage for her family. Typically, a $400,000 term policy with child riders could cost around $50-$60 per month. This decision provided her peace of mind, knowing her family was covered without straining their budget.

Six years later, understanding the growing needs of her family and the importance of lifelong coverage, Samantha decided to convert her term policy to a whole life policy. Her decision was driven by the desire for a policy that would cover her for the entirety of her life, unlike the term policy which would end when she reached 60. Additionally, she ensured that her children’s term rider benefits were maintained under the new whole life policy.

Samantha also recognized the benefits of a whole life policy that generates cash value. As her children were getting older, she wanted a financial tool that could support their milestones, such as college tuition. By converting to a whole life policy, she ensured that the money she contributed would not only provide life insurance but also accumulate interest over time.