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Term Life or Whole Life Insurance?

Term Life or Whole Life Insurance? PhotoJust like owning a house, having a life insurance is also highly relevant. It’s a vital component of a long-term monetary planning. Whether you get sick, you lost your job or a loved-one suddenly passed away, a life insurance will keep you and all your dependents intact and safe financially. But how will you know if that certain insurance is right for you? Should you go for a whole life or a term life insurance?

Whole life insurance

A whole life insurance requires premiums to be paid annually to the policy. It provides your protection for up to 100 years. Although this is considered more expensive, financial experts still claim that it’s a likable investment.

Here are the top three types of whole life insurance you should know about:

  • Interest sensitive – this kind of whole life insurance that has a combination of universal life and the typical whole life policies. It uses the market condition to determine your monetary value.
  • Participating – a participating policy refers to the insurance wherein the insurance company and the policy holder share the plethora profits. Because such refund is often considered as a premium overcharge, it’s usually non-taxable.
  • Economic – this is a mixture of term life, and participating type of whole life insurance. This type is often known to have a higher death benefit which is the result of a lengthy cash value.

Term life insurance

In contrast to the whole life, the term insurance policy is considered as the most affordable insurance there is. It protects you from unexpected occurrences, making it more suitable for individuals with certain health conditions.

Here are the three types of term insurance:

  • Convertible – a convertible term policy enables you to pay a higher amount in exchange to a permanent policy. The conversion can be done gradually depending on your cash flow.
  • Level premium - this type of policy stays the same for a certain span of time. If, in case you decide to drop the coverage, you can do so. You’re also allowed to renew once the insurance expires.
  • Annual renewable - this is a one-year policy that enables you to renew each year without any hassle. Medical exams are not necessary, as well. However, the price of this policy can increase as you get older.

How to choose the right one

Just like choosing any other insurance, it’s best to weigh all significant matters in life. Keep in mind that an insurance calls for certain payments and purchasing one that costs too much may not be reasonable.

You should also keep in mind that a life insurance is not just a typical investment thus, you have to pay extra attention on the coverage.

Do you actually have to purchase?

Every individual needs to have a life insurance. You may skip it today if you’re financially challenged. However, it is a must to obtain insurance that will protect you and your family for a long period of time. You should also ensure that you bought the right insurance policy.

For most people, paying for a life insurance is just a waste of money. However, experts say that this is something we should also consider. Instead of purchasing new gadgets or perhaps a new car, it’s best if we’ll invest our cash in something that will provide more benefits in the future.