| These days, life insurance has become a must. | | | | invest part of the money amount that serves |
| It provides protection to us and to our loved | | | | as premium and help build cash value. After a |
| ones. Even if something untoward does happen, | | | | period of time, it may so happen that the |
| we can rest assured that the benefits will go | | | | cash value itself manages to pay for the |
| to the right persons. In the world of today, | | | | policy. This is a big plus that is absent in |
| money is security, and a life insurance plan | | | | the term life option. Moreover, most whole |
| goes a long way in providing this security. | | | | life insurance plans require only a single |
| For some people, life insurance also works as | | | | medical examination. Thus, one can do away |
| an investment option. Insurance plans that | | | | with the hassle of periodic medical check |
| build cash value and offer tax benefits can | | | | ups, unless one decides to alter one's |
| be regarded as being decent options for | | | | current plan. The tax savings that are |
| investment. However, insurance plans are | | | | incurred also work up to quite a large amount |
| primarily meant to build security. If one is | | | | of money. |
| looking for solely an investment option, it | | | | |
| is a better idea to invest elsewhere. | | | | In addition to these advantages, you could |
| | | | also choose from among three basic kinds of |
| These days, we have a whole range of life | | | | whole life insurance. The first of these is |
| insurance options. Looking at the very | | | | the traditional whole life insurance. This |
| basics, we have a choice between term life | | | | promises to pay the insurer a minimum rate of |
| insurance (which provides coverage for a | | | | return on his/her cash value. A second kind |
| specific number of years) and whole life | | | | is whole life insurance that is |
| insurance (which provides coverage for one's | | | | interest-sensitive. In this case, the policy |
| entire life). While both these come with | | | | offers a variable rate on one's cash value. |
| their sets of pros and cons, I find myself in | | | | The third type is one that involves a single |
| favor of the whole life insurance option. | | | | premium. This is suitable for those who |
| This possesses a number of positive aspects | | | | already have the cash to purchase an |
| that is missing in the term life insurance | | | | insurance policy. Thus, even after choosing |
| option. | | | | between whole life and term life insurance, |
| | | | there are many other important decisions that |
| First of all, whole life insurance plans | | | | have to be made. |