Whole & Term Life

Which source of insurance is the best for protecting your families’ financial future…..whole or term life?   We each purchase life insurance for a variety of reasons; funeral expenses, taking care of unpaid debts, paying for children’s education, securing financial well-being for those we leave behind are only a few.   Whole life insurance is attractive to those who like the idea that whole life has the component as an investment which builds cash value over time, one which can be borrowed against and is tax-deferred.  Term life policies are purchased for a face amount for a specific period of time and pays the face amount to the beneficiary if the insured dies before the policy term expires.  There is no cash-investment component.  Just as you want to take care of loved ones while you’re here; a life policy will ensure you can take care of them after you’re gone.