Term Life Whole Life Insurance

Term Life Whole Life Insurance: Which is best?

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Term Life Insurance? Whole Life Insurance? Which should you choose? Whole life insurance versus term, term life versus whole life insurance, Term life whole life insurance; what's the difference? I made my best attempts to answer these questions on my website at http://www.eqmoney.com/termwhole.htm

Here is some of the info on Term Life Whole Life Insurance:

Whole life insurance is designed to provide coverage on the insured for the insured’s entire life as long as premiums are paid and the policy has not been surrendered. On the other hand, term life insurance provides coverage only for a fixed period that is stated in the policy.

When should I consider buying term life versus whole life insurance?

Consider buying term life versus whole life insurance when the need for death benefit protection is temporary or if you are unable to afford the premiums of a permanent life insurance policy. Term insurance typically provides for the largest immediate death benefit amount for each premium dollar. It is appropriate if you are seeking protection for a specific need that will end at a future date such as to pay for a child’s college education expenses, to repay a loan or to replace income should death occur prior to retirement.

When should I consider buying whole life insurance versus term?

Whole life insurance is generally used when the need for life insurance is lifelong, or permanent. In addition it has a built-in savings element since you will pay premiums and hence build up a cash value within the policy. Additionally, whole life insurance may be used as a part of your estate planning.