If you were to open up your life insurance policy, what would it say to you? Is it telling you that you are covered for the next 10-20 year term after which you will have to get a policy or is it telling you that you have a saving component that allows you to accumulate a cash value to your policy?
There are two major types of Life Insurance polices and the debate has been going on hot and heavy for years as to which is the best. I am biased as to which one I prefer primarily because I have looked at hundreds of them and have broken down the major differences and why one is better than the other.
A Whole Life policy is sold as a way of saving money inside of an insurance policy for tax purposes. It is also said that a whole life is meant to last you for your "whole life" or to the age of 95. What they do not tell you is that whole life will cost you significantly more than a term policy will. Any money that you could save in a whole life policy is far less than you could save if you bought Term and invested the difference in cost into good quality mutual funds. Also you can get a good term policy that will guarantee you coverage until the age of 95 WITHOUT proving insurability.
If you are interested in learning more or would like me to look at yours please contact me.
