Term life and whole life insurance
Term life and whole life insurance; Which type of policy is best for you, term or lifetime? The answer depends on a number of factors, including- Term life and whole life insurance PicturTerm life and whole life insurance: Your needs If you only need coverage until your children graduate from college, for example, you may be better off with a term life policy. Cash-value Cash-value insurance is more suited to long-term needs, such as planning an estate tax and providing lifelong security for your spouse. Some term policies cannot be renewed after the age of 70 or 80 and renewal can become costly as you reach that age. Price If term life insurance is more suited to your budget and you want lifetime coverage, consider a term life policy that can be converted into a full life policy. You can then convert the policy whenever you have the cash flow or need. You can also buy a combination of term life and whole life insurance and gradually move to full life insur...