Life insurance is a foundational part of your family’s financial security. Should you or your spouse pass away, the income of your household could drop and cause a hardship on the surviving spouse and children. That’s why life insurance is a must, but with so many different options out there, how do you know which policies are right for you and how to manage them? Let’s take a look at the options.
Term Life Insurance Wins
Whole life insurance policies are obscenely expensive, and too many insurance agents recommend these policies because of the high commissions they’ll earn on the sale. Insurance shouldn’t be considered an investment, and that’s how these policies are often sold.
On the other hand, level-premium term life insurance policies cost much less and allow you to invest your savings – if that’s the best choice for your savings – instead of having the insurance company do it for you.
Term life insurance wins.