To determine whether term or whole life insurance suits your needs, consider your financial goals, budget, and the level of coverage you require. Term life insurance is ideal if you need temporary coverage for a specific period (e.g., until your mortgage is paid off or your children are financially independent), as it offers affordable premiums. Whole life insurance, on the other hand, is better if you seek lifelong coverage and a savings component (cash value) that grows over time. Whole life premiums are higher, but it can provide long-term financial security and serve as an estate planning tool. Evaluate your current financial situation, future needs, and whether you need coverage for a fixed period or your entire life. Also, consider how much you can afford to pay in premiums and whether you want the added benefit of cash value accumulation.
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