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"Must-term or whole life insurance?"
This is probably one of the most common questions there, and I hope this article helps aa answer your question.
The best way to help determine if you should get term or life insurance is to look at the benefits of each:
Of Whole life insurance:
Benefits:
Fixed rate 1) forever!
2) Can be less expensive in the long term
3) Do not worry about the terms policy and changing conditions
Disadvantages:
1) Less flexibility
2) More expensive (relatively) in the early years when income is lower.
In term life insurance:
Fixed rate 1) for the duration
2) Very flexible
3) Set up easily to take the amount just in time (mortgage paid, kids graduate, etc.)
Disadvantages:
1) Can be more expensive in the long run, as the premiums increase with Renewals
2) premium increases can be dramatic after a long-term
Other questions to ask are
1) Is the plan life insurance forever?
2) Can I pay the increased premiums whole life insurance right now?
3) Do I want to be able to change easily my every few years, the long-term policy? Or build a relationship with a whole life insurance provider?
Once you have answered to these questions and looked at the benefits of each, which is easier to decide whether to term or whole life insurance.
Basically, the term life insurance is better in the short term (30 years or less sense) to help you protect your loved ones in case your income stream disappeared.
Whole life insurance is better for the long term when planning a life insurance a long time and can afford the high premiums right now.
About the Author:
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Article Source: ArticlesBase.com – Term or Whole Life Insurance- Picking What’s Best for You
