Life Insurance Controversy
There has been an ongoing life insurance controversy. Which is better, term life insurance or whole life insurance? Like most controversies there are extremes of opinion and the best answer lies somewhere in the middle. Neither one is right all the time and neither one is wrong all the time.
Term life is inexpensive to start and is probably the best choice to maximize the amount of life insurance one can have, especially on a limited budget. A young family with young kids and a lot of bills is the prototype of who should have term life. But this same family with high disposable income may want to start early on a whole life or universal life plan.
A successful individual with good income but with obligations to a family or business may want to consider the advantages of a whole life insurance policy especially from a quality mutual life insurance company (one owned by the policyholders). Companies that fit that category are Guardian Life, Northwestern Mutual, Mass Mutual and New York Life. A whole life policy guarantees the insurance benefit for life, as long as you make your payment (premium). It develops cash value and grows tax deferred. Interest rates are competitive with bonds. The choice and investigation can be made easier with the help of a qualified professional.
The life insurance advisors at lifeinsure.com can give you a hand.
