Term Vs. Whole Life Insurance
If you're at all interested in buying life insurance, it's important to understand the difference between term and whole. Term life insurance is similar to what we may have been offered as children, a policy with that would provide coverage for a certain period time. Whole life insurance is similar to a mortgage on our house that will last over generations. In general, whole tends to be the more expensive option because it offers benefits such as guaranteed lifetime cash value and cash-value dividends that are based on how well your premium payments are invested for growth over time.
However, when you purchase term life insurance you're only covered during the policy period of time. After that, there is no coverage. This means that if you die before the term period ends there are no assets to pass onto family members. Term life insurance is typically less expensive than whole life because with whole we're basically investing in a rider on our policy that will give us a return based on how well the premium payments were invested.
The bottom line is this: When you need life insurance, such as if you have dependents who rely on your income, stick to term insurance for its affordable coverage in case something happens to you. If you don't need life insurance immediately or if you're already retired, choosing whole life for its cost-saving value of guaranteed lifetime cash value that might appreciate over time can be a smart move.
Good luck,
Chris Tucker
Founder of Saving Advice – One of the top personal finance blogs in the world. It's also the second most popular free personal finance tool on FinViz.com! ( Chris is a FinViz Top Blogger! )
Check out this article I recently published: "Chris Tucker's Guide To Life Insurance". There are many other valuable articles at this link including some on life insurance and related topics. I've got a passion for life insurance and as you can see from what I've written before, some of the things you've read here are probably new and fresh perspectives.
Check out the 3-part series I recently did on "Auto Insurance Options And Tips For Beginners". Many people don't do their homework when it comes to car insurance. I just want to make sure you're intelligent in your decision.
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Good luck,
Chris Tucker - Founder of SavingAdvice.com - One of the top personal finance blogs in the world ( FinViz Top Blogger ) Check out this article I recently published: " Chris Tucker's Guide To Life Insurance ". There are many other valuable articles at this link including some on life insurance and related topics. I've got a passion for life insurance and as you can see from what I've written before, some of the things you've read here are probably new and fresh perspectives.
Check out the 3-part series I recently did on " Auto Insurance Options And Tips For Beginners ". Many people don't do their homework when it comes to car insurance. I just want to make sure you're intelligent in your decision.
Now, go ahead and take a look around my blog and feel free to comment on any article that interests you. And don't forget to visit me on Twitter , Facebook , Youtube, , and LinkedIn .
If you have any questions or would like some advice on anything financial, please feel free to e-mail me at SavingAdviceLoan@gmail.com . I love hearing from my readers and will answer any question you have. Your feedback is always welcome!
Good luck, Chris Tucker - Founder of Saving Advice - One of the top personal finance blogs in the world ( FinViz Top Blogger ) Check out this article I recently published: " Chris Tucker's Guide To Life Insurance ". There are many other valuable articles at this link including some on life insurance and related topics. I've got a passion for life insurance and as you can see from what I've written before, some of the things you've read here are probably new and fresh perspectives.
Check out the 3-part series I recently did on " Auto Insurance Options And Tips For Beginners ". Many people don't do their homework when it comes to car insurance. I just want to make sure you're intelligent in your decision.
Now, go ahead and take a look around my blog and feel free to comment on any article that interests you. And don't forget to visit me on Twitter, Facebook, Youtube, LinkedIn , and Google+ .
If you have any questions or would like some advice on anything financial, please feel free to e-mail me at SavingAdviceLoan@gmail.com . I love hearing from my readers and will answer any question you have. Your feedback is always welcome!
Good luck,
Chris Tucker - Founder of Saving Advice - One of the top personal finance blogs in the world ( FinViz Top Blogger ) Check out this article I recently published: " Chris Tucker's Guide To Life Insurance ". There are many other valuable articles at this link including some on life insurance and related topics. I've got a passion for life insurance and as you can see from what I've written before, some of the things you've read here are probably new and fresh perspectives.
Check out the 3-part series I recently did on " Auto Insurance Options And Tips For Beginners ". Many people don't do their homework when it comes to car insurance. I just want to make sure you're intelligent in your decision.
Now, go ahead and take a look around my blog and feel free to comment on any article that interests you. And don't forget to visit me on Twitter, Facebook, Youtube, LinkedIn , and Google+ .
Conclusion:
As you can see, there is life insurance for everyone in every situation. Pay close attention to the details in each of these policies and be sure to look at a variety of different companies and products before making a final decision.
Check out this article I recently published: " Chris Tucker's Guide To Life Insurance ". There are many other valuable articles at this link including some on life insurance and related topics. I've got a passion for life insurance and as you can see from what I've written before, some of the things you've read here are probably new and fresh perspectives.
Check out the 3-part series I recently did on " Auto Insurance Options And Tips For Beginners ".