Term life insurance or Whole life insurance, which one is best?
One question that I continually hear from clients, friends, and family is what type of life insurance should I get? First off, let’s acknowledge that I am not an insurance salesperson and I do not and have never sold insurance. The following information is based upon my own experience with life insurance and the decisions I have made for myself and my family.
Term life insurance is a life insurance policy for a set amount of time (term), 10 years, 15 years, 20 years, etc. Term life insurance is significantly cheaper than whole life insurance. Once the time of the term is up, the policy expires and no benefits are available.
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