Term insurance is finite. It has an expiration date. If the term expires before you do, and you still have a need for life insurance, that was not a good choice.
Permanent life insurance is better for long term needs such as estate liquidity or charitable bequests.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Which is better whole life or term? Depends on what you want to use it for? Just reading the names of the two products should help you figure out which does better for your need. Do you have a short term need where you need coverage for a while, but not past a certain time? Term is a great solution.
Do you need lifetime coverage? For your whole life possibly? Well whole life is a great solution for coverage for your whole life.
Self-employed Employee Benefits Provider, Upland, California
Both types of policies are good, but for different reasons. there are generally 2 types of insurance needs, permanent needs (last expense or burial benefit), and temporary needs (mortgage cancellation insurance, college funding for you children, rent continuation for your family).
I generally find that most people have a need for both types, a solid foundation of permanent insurance that will take care of forever and term insurance that will take care of the needs that disappear as we get older.
I would consult your life insurance agent and let him do a needs analysis for you. Some websites for these companies will allow you to complete this needs analysis online for yourself, and then elect to call an agent to your house or business.
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Term insurance is finite. It has an expiration date. If the term expires before you do, and you still have a need for life insurance, that was not a good choice.
Permanent life insurance is better for long term needs such as estate liquidity or charitable bequests.
Do you need lifetime coverage? For your whole life possibly? Well whole life is a great solution for coverage for your whole life.
I generally find that most people have a need for both types, a solid foundation of permanent insurance that will take care of forever and term insurance that will take care of the needs that disappear as we get older.
I would consult your life insurance agent and let him do a needs analysis for you. Some websites for these companies will allow you to complete this needs analysis online for yourself, and then elect to call an agent to your house or business.