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Is Term Insurance the Best Life Insurance Policy?

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Is Term Insurance the Best Life Insurance Policy?

Arranging a life insurance policy is easy to do these days but there are one or two issues which are best thought about in advance. One of those is about whether you go for a term policy or a whole life one. In order to help you work out which one is best for you here are the main differences between the two.

The Length of Policy

A whole life insurance policy is exactly what it sounds like. Providing you keep paying the premiums then it will pay out whenever you pass away. Term policies cover a certain period of time, which could be 5 years, 30 years or whatever you choose. After this time they simply expire.

The Cost

Whole life policies tend to be more expensive than term policies but the monthly cost incurred is only part of the story. Firstly, we need to consider that a whole life policy will often give the insured person the chance to take out some of the cash when it matures. If you find it hard to save then you could look upon this kind of cover as forcing you to put some cash way each month. The other issue to bear in mind is that term insurance is more expensive for older people. This means that even if you are paying a modest premium now you will need to pay more for a new policy if you want one once the current one runs out.

What You Want It For

Term life insurance is generally popular among younger people who want to cover themselves for a fixed period of time at a low cost. This often ties in which their mortgage repayment term or the age at which they plan to be better off financially. When it comes to protecting your family for the whole of your life then a whole life policy is going to do exactly that.

The Simplicity

Term life insurance policies are really easy to understand while whole life policies can be a lot more complicated. As this is an important financial decision you will want to take your time over it but you certainly won’t want to take out something which you aren’t sure about. If keeping things simple and being clear about what you are covered for is important to you then a term insurance policy will keep you right. A little bit more time and investigation will be needed for a whole life policy.

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