You get what you pay for.

It’s an old adage, to be sure. But there’s a lot of truth in it.

I used to work at an electronics retailer. (The exact store will remain nameless.)

People would come in and inquire about a specific kind of product. PCs. Phones. Radios. Scanners. Televisions. Whatever.

I’d show them what we had.

Inevitably, someone would ask: “Don’t you have anything cheaper?”

And I would always reply the same way.

“Do you mean ‘cheap’ as in shoddy design, or low price?”

Give me a break! I was a teenager.

Sure! I was just trying to get the customer’s goat. (Guilty!)

The serious point, though, was that something can be “cheap” for any of a number of reasons.

Clearly, we want our expenses to be manageable. But we also want items that are serviceable.

It comes down to value. Sometimes, the thing that provides the greatest value, doesn’t have the smallest price tag.

Two Initial Choices: Temporary or Permanent

When it comes to life insurance, there are two immediate options: temporary insurance, called “term,” and permanent insurance, or “whole life.” (There is a kind of in-the-middle selection: universal life. But, I will not get into that, here.)

Term insurance provides what is sometimes called “pure” protection. This means that it doesn’t do anything else except offer a death benefit.

Permanent insurance, on the other hand, usually conjoins a death benefit with some sort of savings component, referred to as its “cash value.”

Now, it’s beyond the present scope for me to describe the intimate workings of cash value. Suffice it to say that a permanent product that offers both a living benefit (i.e., the cash accumulation) and a death benefit (the payout at the insured’s death) is going to be a greater expense than a temporary product that only offers the latter.

Which one is the better value will depend upon your budget, circumstances, goals, and overall financial picture.

As always, you have to be approved for life-insurance coverage. This approval process, called “underwriting,” determines your premium payment based on your health, driving record, financial risk, etc.

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