Term Insurance Vs Wholelife
Posted on Saturday, August 9, 2008 at 2:12 amMany people do not understand the difference between the term insurance and wholelife insurance. I always thought that term is not worth the money, but that is not the case. In fact, most do not need whole life product. Though in certain situation, it is necessary.
Wholelife is useful when you need long term care, such as a disabled child. When the child is all alone, a whole life insurance will ensure that the child gets proper coverage throughout his life.
In other instances, term insurance is all anyone needs. This money can pay funeral expenses, and it can also give a family some money in the event that something happens to a parent at an early age. Accidents happen, and though we don?t like to think about it, having term insurance for this reason is always a good idea.
Term insurance lasts for a few years. Though some can be renew once it expires, however, it may not ne necessary once all your kids are grown and you can retire comfortably.
It is up to you of course, but it will be the only income if someone pass away early. Some may choose to give it to charities. Death happens anytime. You need something for your family.
