Term Life Insurance or Whole Life Insurance?
Like renting a home or buying a home where renting may be better for short-term requirements and buying a home may be better for long-term (more than 5–6 years stay), term insurance is best for specific or short-term needs and whole-life may be better for whole of life duration and or possible needs.
Benefits vs. Disadvantages
The beneficial features of a Whole Life plan include:
- Guaranteed premiums that never increase.
- Tax sheltered investment that never decreases in value despite downturns in the market.
- You cannot outlive the benefits of a Whole Life policy.
- Cash value component that increases over time.
- Coverage for life that also provides your family with a
tax-free death benefit that will never decrease in
- Death Benefits are paid to the beneficiary without requirement to probate.