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Term Insurance Vs Wholelife

Aug 9, 2008
Some are confused about the difference between term insurance and what is called whole life. For the longest time I assumed that term was a waste of time, but I have learned recently that this is not the case. Most people do not need whole life insurance, and paying the premium for that is often a waste of money. There are times when it might be a good idea, but for the most part, many simply need to have a long running term policy to protect their family.

Wholelife is useful when you need long term care, such as a disabled child. When the child is all alone, a whole life insurance will ensure that the child gets proper coverage throughout his life.

In other instances, term insurance is all anyone needs. This money can pay funeral expenses, and it can also give a family some money in the event that something happens to a parent at an early age. Accidents happen, and though we don?t like to think about it, having term insurance for this reason is always a good idea.

Term insurance usually go for a couple of years, And some can be renewed, but once all your kids have grown up and you got yourself a good retirement fund to rely on, then this no longer require.

It is up to you of course, but it will be the only income if someone pass away early. Some may choose to give it to charities. Death happens anytime. You need something for your family.
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How to have a good credit history rating? More at Build Your Credit Rating. Get your pension and retirement explained at Eary Retirement Planning Guide.
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