Term vs. Whole Life Insurance: Which to Choose?
“Whole life insurance is meant to be permanent insurance that is kept in place until death. Term life insurance is for a shorter time period, usually 10–30 years. Term insurance is likely the best solution for most people trying to protect their loved ones in the event of a premature death. The term is significantly less expensive than whole life insurance. Most people do not need life insurance when they are in their 80s or 90s unless they are very wealthy and need it to pay for estate taxes or the other end of the spectrum where a small whole life insurance policy (usually $10k or less) would pay for funeral expenses.”