Life Insurance

Life Insurance

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Should I Buy Term or Whole Life Insurance

Put very simply, when life insurance is what you are looking for, term life insurance is almost always the way to go. 

Term life insurance is strictly life coverage, while whole life adds in an investment component.  Unfortunately, this investment component is very expensive, and usually includes high fees and a very large upfront commission that eat substantially into your potential returns on the savings component.  On the other hand, term life insurance is dirt cheap for people under the age of 50 that are in good health.  While term insurance is frequently not available to people over the age of 65, since most people’s need for life insurance is often long gone by that age, this is not as big a negative as it may first seem.

Whole life does have its place for wealthy people as part of estate planning, or for older people that are just starting a family and maybe can’t find affordable term insurance.  So, if you fit into one of those two categories, maybe whole life is worth a look.  Otherwise, stick to inexpensive term insurance as the best option and take care of your savings in a much more cost effective manner than what a whole life policy can offer.

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Life Insurance Resources

Important: although the information presented on this page was provided by the experienced insurance specialists at, it's use is strictly limited to educational and informational purposes. This information is not to be used in place of the consultation provided by a licensed insurance representative or legal advice of an attorney.