What Is Better Term Or Whole Life Insurance?
61667 POINTSview profileSteve SavantSyndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale ArizonaIt depends if your financial liabilities and obligations are temporary or permanent. Term life insurance generally covers a time certain period where financial exposure exists for the beneficiaries of the policy insured. But that exposure can be ongoing well into retirement and sometimes have estate transfer consequences that can impact heirs. That's when you need permanent life insurance.Answered on August 17, 2013flag this answer.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.What is better for the person buying the life insurance policy, depends on the need for which the person is buying the policy. If the need is temporary and the applicant is on a limited budget, Term insurance can be a cost effect way to meet a temporary need. Whole Life is excellent for final expense, business succession, and estate planning purposes, because it is sure to be there at the time of death, which is when it is needed.Answered on September 5, 2013flag this answer
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