In a rocky economy, whole life insurance may be your best bet for stability and preservation of capital. We have often recommended whole life insurance to those with good income and a strong asset base. Why? Term life insurance is often a good and the right choice to get sufficient life insurance. The first step is always: Get enough. Then look into the type of life insurance.
BusinessWeek.com just had an article quoting the chief economist at Standard and Poor’s and discussing why whole life insurance can be a great choice. This goes against the generalities of some pundits who say one should always get term life insurance. The truth is never that simple. The true answer is that it depends and most importantly that you get enough life insurance, no matter the type.