Whole life versus term

Term insurance is very popular being that most companies purchase term for their employees. It is a cheap alternative to whole life. Term policies are great for young people just getting stated, maybe they cant afford whole life yet. It is highly suggested however, that every term policy be backed by a small whole life. Ideally it is best to have a whole life policy that is backed by a term policy. The whole life can benefit the family, cover all expenses, and the term can act as mortgage protection for insuring that your home is paid for. There are several strategies to maximize the benefits that insurance can have for you. Think of whole life as buying the house and term as renting the house. Both have circumstances that appeal more to one or the other, but any coverage outweighs no coverage. Protect what you love most.

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