Life Insurance - Term Life Or Whole Life?Posted by Nick Niesen on October 29th, 2010 What type of insurance you need depends on many personal factors. What are your insurance needs? What type of budget are you on? And how long do you need your insurance policy for? Whole Life Insurance Whole life insurance remains in force for as long you keep paying the premiums or there is sufficient cash surrender value to keep the policy alive. ?Term to 100 years? lasts your lifetime and is cheaper for most people. Again you have to keep paying the premium.Whole life has premiums that do not increase. So does term 100 which you pay for until the age of 100, when you can stop paying and remain insured. Term Life Insurance Term life insurance can cover you for any number of years from one to your age 100. As you get older, there may not be as large a need for life insurance because hopefully, your debts are behind you and you have created an estate with your tax paid assets. Whole life is used for building investment capital through the years. It?s a good idea for those who cannot save, as it creates an estate to pay for funerals, compensates for lack of a pension, or pays taxes on large estates. Life Insurance ? Adapting It For Your Needs Most people get life insurance to protect themselves against debts and to provide for their heirs. Like it? Share it!More by this author |