Although term life insurance policies gets you cheaper monthly payments, when you request quotes, are whole life policies a better buy? With whole life policies you are covered for as long as you live and pay the premiums. With whole life insurance you are prepaying the cost of the policy but it is not a good investment, just a forced savings plan.
Is Whole Life Insurance Flexible ?
With whole life insurance you can choose a time when you can stop paying premiums, if there is sufficient cash surrender value. Most people spread the cost over their working life, so when they retire they are able to stop paying premiums. But remember you have prepaid these premiums because whole life is up to 5x more expensive than term life insurance.
When it comes to premiums, for whole life or term life insurance, you have the choice of lowering your death benefits, which lowers your payments.
The lowest premiums are with term life insurance but, if you get the term insurance quotes at a later age, the cost may be comparable. The positive side of whole life insurance is that there is no term specified which will run out and leave you without any life insurance as...
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