All Life Insurance Tips

Which is the best life insurance term or whole life?

Public Comments

1. Depends on what you have in mind. Whole life will cost you more, but will not terminate unless you quit paying the premiums. Term, on the other hand, will expire in 10, 20 or 30 years, depending on your policy. If you want something to ensure that your children will have sufficient funds should your unexpected demise come about, and you're not interested in any protection for them once they read adulthood, then a term policy may be the best option.
2. The best would be term. You just want pure insurance for your money. it cost less. Also, you want to invest what it would have cost you to get the same amount of coverage if you were to buy whole life. TRUST ME on this one. you can have millions invested if you start today
3. It all depends on your situation, but the majority of people, term life insurance is both cheaper and a better fit. It provides the most coverage at an afforadable price with locked in payments that don't change for the life of the insurance plan.
4. If your insurance needs are temporary then term is a good choice. If you have a long-term perspective and your insurance needs are permanent, then whole life is one choice. There are other types of permanent life insurance policies to choose from (Variable, Universal). All of them are a good choice in the right situation. There isn't a one-size-fits-all life insurance strategy. Everybody's needs are different. You could also get a combination of both.
5. Neither one is better than the other. Each product has their own characteristics. Every person in the market for insurance has their own individual needs. NEVER listen to anyone who tells you to only buy either one or the other. Most people will carry a mix of both. The best thing a person can do is consult with a financial professional and have a needs analysis done.
6. Neither is "better". It is dependent on your situation and what your goal is. Anyone that say ONLY term or ONLY whole life is trying to sell you. I recommend speaking to a good insurance agent or financial advisor who knows what they are talking about. Here are some of the benefits to term: 1. Lowest outlay 2. Set premium for the length of the term 3. Typically once the term is complete it converts to renewable term. -- You are still insured but at a much higher rate. Here are some of the benefits of whole life: 1. Set premium for the rest of your life. 2. Dividends which pay you or reduce the premium or increases the death benefit. 3. It's permanent-coverage for the rest of your life. 4. After paying the premiums for 15-20 years, the policy will typically pay for itself.
7. The best life insurance would be whatever fits your needs. After a complete financial review of your situation this can be decided. Here is some information on life insurance: http://www.findlocalinsurance.com/permlife.html and http://www.insuremylife.org/typeslife.html