Should I Buy Whole Life Insurance or Term Life Insurance?

When it comes to selecting the which type of life insurance to buy you'll want to ask yourself this question - How long do I need my life insurance to last?

If the answer os for a period longer than thirty years, then a whole (permanent) life insurance policy can help.

However, if you need your life insurance protection to last for a period of 30 years or less, then term life insurance offers you the most affordable protection.

Whole life insurance lasts for your entire lifetime and may build up some cash value inside your policy over the years from which you may take a loan if needed.

Whereas, term insurance offers coverage for a period of 10, 15, 20 or 30 years to meet your specific life insurance needs, so you aren't paying for life insurance you do not need.

Term life is pure protection, not an investment, so it costs a lot less than whole life insurance.

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