Asked in InsuranceLife Insurance
What kind of life insurance should i buy term or cash value?
May 06, 2009 10:42AM
If you are left to make a choice between term life and insurance and whole life insurance, it comes down to how much you are willing and able to pay for your premiums and how much coverage you are looking for. If you can afford to pay a higher premium for your entire life, a whole life policy is the one for you as it also brings with it a cash value along with the death benefits. If you have a young growing family and want to protect it from hardship after your death, a term life policy comes highly recommended. The death benefits can be used to pay for funeral expenses, mortgage bills, education loans and help maintain your family's standard of living even in your absence. But whatever you choose at the end of the day depending on your individual requirements, ensure that buying a policy - any type - is non-negotiable.