I've heard some criticism about variable annuities. There are some major differences between whole life and term insurance. That means it offers an opportunity to save, as well as a way to protect family members against the loss of a breadwinner. If you die after that term expires, the policy pays no benefit. Whole life death benefits remain in effect until age 100.
Term insurance is less expensive than whole life.
Term premiums are also set for a certain number of years and are higher for older people. For all these reasons, term insurance is often recommended for families with young children and short-term financial obligations. Determining which type of life insurance is best for you and how much you need is not always easy. Whole life, while more expensive than term, offers advantages that may be best for you. Your CIBC Oppenheimer Account Executive, working with the insurance specialists in the Insurance Group will assist you in analyzing the overall picture to help you resolve these questions.