Generally speaking, there are two types of life insurance, one is term life and another is whole life. If you want, and if you can afford, your can buy term life as well as whole life as both of these policies are good. That’s because term life protects your life and whole life supports your family. However, if you cannot buy both insurance, and have to choose one, what do you think is better? Well, if you are young and single, term life is good for you, however, if you are middle-aged and have a family a whole life insurance policy is more important for you.
How to Choosing Between Term Life and Whole Life Insurance
- Thread starter Mika
- Start date
Term Life Insurance is based on a tenure which means it elapses after a certain period mostly around 5 to 10 years and you'll have to renew it again, while a whole life insurance can be enjoyed throughout your life time as long as you continue to pay premium, with a whole life insurance the more your money compounds the more money you get to make from dividends payout.
When it comes to choosing insurance that matches your need, there are factors you need to consider like your age, family or income level, spend some time thinking before you commit.
When it comes to choosing insurance that matches your need, there are factors you need to consider like your age, family or income level, spend some time thinking before you commit.