What type of insurance you need depends on many personal factors. What are your insurance needs? What type of budget are you on? And how long do you need your insurance policy for?
Whole Life Insurance
Whole life insurance remains in force for as long you keep paying the premiums or there is sufficient cash surrender value to keep the policy alive.
Term to 100 years lasts your lifetime and is cheaper for most people. Again you have to keep paying the premium.Whole life has premiums that do not increase. So does term 100 which you pay for until the age of 100, when you can stop paying and remain insured.
Term Life Insurance
Term life insurance can cover you for any number of years from one to your age 100. As you get older, there may not be as large a need for life insurance because hopefully, your debts are behind you and you have created an estate with your tax paid assets.
Life Insurance – What are you insuring?
Term life insures you against debts such as credit cards and a mortgage debt with your death triggering the ability of your heirs to pay outstanding liabilities.
Whole life is used for building...
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