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Finance Tip of the Day

Whole Life Insurance: What You Need to Know

  • 2017 21 Oct
Whole Life Insurance: What You Need to Know


Whole Life Insurance: What You Need to Know

For most of us, term life policy will be a much better option. But if you are wondering about whole life insurance, here are few key points to remember:

  • Your benefits and your premium cost are fixed for the duration of your life.
  • The premium cost for a whole life policy is significantly higher (even up to 10X the cost of a term life policy).
  • Because of the high premium cost, you may be overpaying for a product you don’t really need.
  • Whole life insurance is often sold as an ”investment” but in reality, the expenses will most likely eat up any interest earned. Never buying a whole life policy based on the “investment” factor.

Today's tip brought to you by Mvelopes and Money4Life Coaching.

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