When it comes to buying life insurance policy, you have two major options, one, a term life insurance policy, and two, a whole life insurance policy. If you have money to pay the premiums for a long term (lifetime for whole life and 10-20 years for term life), then you can buy both kinds of policy. However, if you have limited money for paying insurance premiums and you can only afford to pay premiums for just one policy, which life insurance policy should you buy?
This is a really important question that needs to be solved because the kind of insurance policy you buy will determine a lot of things, especially your financial health.
There are two major factors to consider, your marital status and your age.
If you are married and if you have kids, whole life insurance will benefit. If you are in middle age, whole life insurance will benefit you. However, if you are single and if you are young (in your twenties or early thirties) term life will be more beneficial.
Whole life is mainly aimed at providing coverage for your death, which means you cannot get the benefits but your family can. Term life insurance will provide benefits during your own lifetime.
This is a really important question that needs to be solved because the kind of insurance policy you buy will determine a lot of things, especially your financial health.
There are two major factors to consider, your marital status and your age.
If you are married and if you have kids, whole life insurance will benefit. If you are in middle age, whole life insurance will benefit you. However, if you are single and if you are young (in your twenties or early thirties) term life will be more beneficial.
Whole life is mainly aimed at providing coverage for your death, which means you cannot get the benefits but your family can. Term life insurance will provide benefits during your own lifetime.
