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