The policy in force when you die is always the best policy. Seriously though, it depends on the reason for the insurance. Each case is different. Term insurance is generally for short term needs. To provide extra protection while raising a family,or to cover a mortgage or other debts. Whole life is designed to be there when you die, hopefully at a ripe old age. Sit down with a good independent agent and discuss your personal situation. A good agent will help you find a plan that covers your needs and fits your budget.
Term life insurance indemnifies temporary economic exposure. Depending upon the age of the insured, term life insurance can protect the beneficiaries of the insured up to 30 years. Term life insurance is the cheapest form of life insurance and should be purchased with a conversion provision to extend coverage if a financial liability either becomes ongoing or a new liability develops.
Whole life insurance indemnifies permanent economic liabilities, but in comparison is an expensive approach to coverage. Generally speaking, guaranteed universal life insurance is a cheaper permanent solution.
Bottom line term life insurance with a conversion provision is more than likely the affordable deal than whole life insurance.
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Whole life insurance indemnifies permanent economic liabilities, but in comparison is an expensive approach to coverage. Generally speaking, guaranteed universal life insurance is a cheaper permanent solution.
Bottom line term life insurance with a conversion provision is more than likely the affordable deal than whole life insurance.