Morgan

Dallas TX.

Well Morgan,

With Term Life Insurance it provide a certain amount of coverage for a set number of years. Your premium never changes with in that time frame.  Usually this type of life insurance policy has a lower monthly cost .  In the event of your death, the policy pays your beneficiary the amount of the policy.

Where as Whole Life Insurance pays a death benefit whenever you die — even if you live to 100.  The premiums tend to be more expensive in order to make up for the increased length of coverage.  These policies can also allow for a cash accumulation which is available for the policyholder to withdraw after a certain time.

Which insurance policy is right for you? That depends on your situation. Term Life insurance is great for young adults that have mortgages and other debts. Thsi will cover you if you are the breadwinner and something happened to you untimely death.

Whole Life Insurance is more expensive to cover the length of the policy. And is usually used in addition to other retirement plans they may own.

Hope this helps in your decision and thank you for asking a great question.

If you have a mortgage, partner and children, then the first things you’re going to have to do is ensure that you take out enough cover to pay off the mortgage and any other debts.  Generally speaking, if you have anyone who is financially dependant on you, then life insurance is going to be a good idea.

Studies show that nearly six out of ten women in United States are living on their own by the time they are 85. In addition, women generally outlive men by an average of six years. If you have adequate life insurance coverage, dependents will be able to continue their lives and standard of living. That way they only have to deal with the grief of your passing, instead of any financial burdens incurred by it.

Though most people are not aware of this, death is expensive. You must consider funeral costs (thousands of dollars); debts; medical costs; estate costs; and death taxes (yes, even after you die, you will owe taxes). When all is said and done, these costs can total thousands of dollars – even more if you happen to have a lot of debt. Why buy life insurance? Aside from all of the costs associated with your death, life insurance can also provide a bit of a legacy after you die.

Good life insurance policy can be passed on to your heirs if you name them your beneficiaries. Therefore, if you do not have any other funds to leave behind, you can still leave your heirs the money that your life insurance will provide.