Few have pondered life insurance without confronting the issue of term vs. whole. Getting the wrong kind of plan can adversely affect your financial plans. Your financial goals should drive your choice of insurance.
Most experts say that there are only two basic kinds of life insurance.
Only for a preconceived amount of time can you get death benefits with term life insurance. Your beneficiaries will receive benefits from the insurance company upon your death only if you die within the period of time stated in the policy. Whole life policies offer both death benefits and a savings account with a cash value. If you live, you get at least some of your money back. You might be able withdraw or borrow against the money you've invested.