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Term Life And Whole Life Insurance  by: Ivon T. Hughes Which type of policy is best for you, term or whole life? The answer depends on several factors, including: Your Needs. If you need coverage only until your children graduate from college, for example, you might be better off with a term life policy. Cash-value insurance is better suited for long term needs, such as planning estate taxes and providing lifetime security for your spouse. Some term policies cannot be renewed past age 70 or 80 and can become costly to renew as you approach that age. The Cost. If term life insurance is more suited to your budget and you want life time coverage, consider a term life policy which can be converted into a whole life policy. Then you can convert the policy whenever your cash flow or needs dictate. You can also purchase a combination of term life and whole life insurance and gradually shift into whole life insurance over time. Your Savings and Investment Goals. Whole life insurance can be a good long term investment vehicle, especially because the cash value has the potential to grow tax-deferred. Should you no longer need the insurance but want some extra cash, you may surrender the policy and collect the accumulated cash value. Be sure to discuss the tax consequences with your tax advisor first. As an alternative, you could purchase term life insurance and invest what you save on premiums on your own. Compare the returns you can expect, and remember to take taxes into consideration if you plan to select taxable investments. So, Should I Buy Term Life or Whole Life Insurance? Term life and whole life insurance both have advantages including immediate family protection. Deciding which type of policy and which features are right for you takes careful consideration and, most times, a comprehensible look at your financial plan. To discuss your life insurance needs and financial requirements, contact your financial professional. About The Author Ivon T. Hughes of The Hughes Trustco Group is a licensed Insurance Broker. Author of The Life Insurance Handbook. - Get a FREE Copy TODAY! Email: info@trustco.ca Web: http://www.hughestrustco.com This article was posted on September 29, 2005 Read More Articles from the "Family" Category: 7 Tips for Saving Money on Electricity by Sarah Miller Don’t Be a Target: Nine Simple Home Security Tips by Anthony Neary Don't Let A Home Business Cost You Your Family by Craig Binkley Cat Arthritis by Niall Kennedy Learn To Save Hard Cash This Festive Season by Ricky Ahuja The Best Christmas Ever: Remembering Christmas With Emily by Constance Weygandt Wedding Dresses -- How to Choose the Right Wedding Gown for Your Big Day by Stacey Martin I'm Allergic To My Cat! by Gary Nugent Why Do We Need Party Favors At Birthday Parties? by Melissa Fishman Legislators Ponder New Credit Protection Laws by James H. Dimmitt << Back to "Family" Index

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