Asked by irene  |  Submitted August 08, 2016

Is it better to get whole life or term insurance?

I am confused about the benefits of each

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  Answers  |  1

August 08, 2016

It really is a question of what your need is and how long that need is? Both types of insurance are perfectly fine, applied for the proper need. The first question is what do you want your insurance to do? Cover you for a decade, maybe 20 years or possibly your lifetime?

Term works best when you know your stopping date, whole life works best when you don't. It's not a matter of which is better, but more so a matter of which fits your needs the best.

I offer a large variety of life insurance choices for people. Why? because only having one tool limits what you can build. Find an agent who can show you your options and explain them in such a way that you understand the choices in front of you.

No matter what you buy, somebody will tell you it's wrong. If you know your options and make your choice, you'll know they're full of hot air. Neither is "wrong" if it fits what works best for you.

Personally I own whole life and have for close to three decades. It has done exactly what I expected it to do. It did cost more upfront, but the cost has never increased. It has gained cash values and those values have never gone backwards. It was a smart purchase made as a young man that as I age becomes more valuable as I am no longer insurable and I own the policy, not the insurance company. They cannot take it away or raise my costs.

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