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Choosing the right plan for your busy life
When it comes to life insurance, it's important to know not every plan is the same. There are three basic types of life insurance policies to look at: term life, whole life, and universal life. Knowing a little bit about each of these can help you decide what direction is right for you!
The quick rundown
Term Life:
Term life insurance tends to be relatively inexpensive and is active for only a set amount of years. This is often considered the best policy if:
- You are young and looking for low cost options
- Making a major purchase where the burden of the loan will be heavy
up front but decline over time.
Whole Life:
This policy is good for a lifetime and is preferable when your goals
include:
- Accumulating cash for retirement or a child's graduation
- Providing a death benefit to a charity
- Minimizing estate taxes or protecting a business interest.
Universal Protection:
This is a more flexible plan that has a variety of positives for young holders, but needs to be considered on a case-by-case basis because of how much they can vary from one to another.
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