Monday, October 23, 2017

Term vs Whole Life Insurance



In most situations, buying term life insurance is the better choice.  Whole life insurance "invests" your money, but insurance is not an investment - it's simply insurance.  You only earn, on average, 1-3% when you buy whole insurance.  Whole life insurance also has a much higher monthly cost.  Many financial advisors recommend that you purchase term insurance and invest the difference ways that will earn you a higher interest rate.

The video below is helpful for a better understanding.


18 comments:

markson said...

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Life insurance is a contract between insurer and insurance policy holder, there the insurer guarantees payment to beneficiaries upon the insured's death.
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