Temporary Insurance Vs Whole Insurance and what they are used for
1) Term insurance is used for those expenses that are TEMPORARY. Expenses such as House payments, Car notes, and college tuition for kids. Let's Think about this! A house is normally financed for 20-30 years, car loans are usually 3 years, and once your kids grow up to be adults and graduate college you no longer need all of that insurance.
2) Use temporary insurance if you can NOT afford a whole life plan at the time. Especially if you are young can keep policy for 30 years. At least you will know what you are covered for the next 30 years if any thing dreadful were to happen.
3) Whole Life is for those permanent expenses such as your burial or funeral arrangements. Whole life can also be used for the debts and money you want to leave your loved ones to use at their disclosure.
Bonus: When shopping for Life insurance , if you do choose a term policy find out if the term policy can be converted to a whole policy.
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