About Affordable Term and Whole Life Insurance
The type of policy you've chosen as your life insurance can play a role in deciding the well-being of your family after your legacy has long passed. Among the major issues you should be exploring is whether or not to purchase permanent insurance or a term life policy. This important decision could mean the difference between sufficiently providing for your family, and not providing much at all for your family when the heartbreaking moment occurs.
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Permanent life insurance also means higher premiums, but with higher prices comes premium quality and coverage. Whether the type of permanent insurance is variable or whole, you'll find that you can invest part of your premiums in savings, the ability to borrow, investment opportunities, and unique tax advantages.
Life policies and term insurance
Term insurance, conversely, provides you a much more affordable insurance payment experience. The coverage given by term policy, though, may have an effect on your benefits, beneficiaries, and payouts in the event of your death.
This type of insurance gives you low rates early in life, but only provides protection during the term of your policy. Buying term insurance can save you money but the balance between price and quality is still important. With term insurance you're sacrificing a bit in quality in exchange for the lower price of a term life insurance plan.
If you're in a high tax bracket, permanent insurance may benefit your family. The tax-deferred nature of the policy, as well as the cash value available at the time of your death will leave your family with a large death-benefit that could be diverted to a trust or estate with few to no tax penalties, depending on your plan.
Choosing between term and whole if you're older
However, it's possible - especially if you're older - to opt for a term life insurance plan. Because of the high cost of whole life insurance as an older individual, the extra money you would have spent on whole life insurance would probably make a better investment elsewhere. Even if you're older, there are a number of affordable term life insurance plans available at a fraction of the cost of whole life insurance.
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