Many consumers pay little attention to the need for life insurance. One reason is that they rely on their Group Life insurance at the workplace. The problem is, Group life insurance ends with your employment, and in most cases it's not adequate to replace a deceased bread winner's income. There are two main life insurance policies for this purpose, term or whole life. The best one for you depends on a number of factors. Lets discuss some of these
Cost. If term life insurance is more suited to your budget and you want life time coverage, consider a term life policy which can be converted into a whole life policy. Then you can convert the policy whenever your cash flow or needs dictate. You can also purchase a combination of term life and whole life insurance and gradually shift into whole life insurance over time.
Your Needs. If you need coverage only until your children graduate from college, for example, you might be better off with a term life policy.
Cash-value insurance is better suited for long term needs, such as planning estate taxes and providing lifetime security for your spouse. Some term policies cannot be renewed past age 70 or 80 and can become costly to renew as you approach that age.
Your Savings and Investment Goals. Whole life insurance can be a good long term investment vehicle, especially because the cash value has the potential to grow tax-deferred. Should you no longer need the insurance but want some extra cash, you may surrender the policy and collect the accumulated cash value. Be sure to discuss the tax consequences with your tax advisor first.
As an alternative, you could purchase term life insurance and invest what you save on premiums on your own. Compare the returns you can expect, and remember to take taxes into consideration if you plan to select taxable investments. A draw back to this is that many consumers have a problem saving unless it is compulsory, in which case the whole life policy will serve those individuals better. Its like over-paying your income tax from each paycheck, so that you can get back a large refund, which you would have problem saving voluntarily.
So, Should I Buy Term Life or Whole Life Insurance? Term life and whole life insurance both have advantages including immediate family protection. Deciding which type of policy and which features are right for you takes careful planning and, a comprehensible look at your financial goals. To discuss your life insurance needs and financial requirements, contact your financial professional. Make sure you GET A QUOTE SO you can compare plans.
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