What kind of policy is best for you, for tenure or for life? The answer depends on a number of factors, including:
Your needs. If you need coverage until your children graduate from college, for example, you may be better off with a term life policy.
Cash-value insurance is well-suited for long-term needs such as planning property taxes and providing lifelong protection to your spouse. Some term policies are not renewable at the age of 70 or 80 and as you get closer to that age, renewal is expensive.
Expensive. If term insurance is more suitable for your budget and you want lifetime coverage, consider a term life policy, which can be converted into a whole life policy. You can change the policy even if you have cash flow or need it. You can also purchase a combination of Term Life and Total Life Insurance and gradually switch to Total Life Insurance over time.
Your savings and investment goals. Whole life insurance can be a good long-term investment vehicle, especially if it has the potential to raise cash value tax. You no longer need insurance, but if you need some extra cash, you can hand over the policy and collect the cash value collected. Discuss the tax consequences with your tax advisor first.
Alternatively, you can buy life insurance and invest the premium savings on your own. If you plan to choose taxable investments, compare the returns you expect and remember to consider taxes.
So, Should I Buy Term Life or Whole Life Insurance? Both life and total life insurance have benefits including immediate family protection. To determine what kind of policy and features are right for you, carefully examine and, many times, look at your financial plan. To discuss your life insurance needs and financial needs, consult your financial experts.