Do You Need Whole Life Insurance?


Do you need whole life insurance or do you need term life insurance? It’s a question that many people ask on a regular basis. It’s something that you just can’t deny when it comes to insurance contemplation; it’s a question we all ask. For the most part, people tend to assume that whole life insurance is the thing to skip and term is the way to go. Many of us were brought up like that and we still believe it. In fact, whole life insurance is not the bad thing that so many people assume it is. Yes, it is more expensive than term. But that’s all right when you consider the fact that this is an investment of your money that you will never lose. Unlike stock markets and mutual funds and other investments, the cash value of your whole life insurance policy will not be affected by a down economy, and your family will have the money you want to leave to them upon your death. That is probably the biggest benefit of a whole life insurance policy, but the other big benefit is the access it gives you to your cash.

A whole life insurance policy has a cash value; and that money is yours when you need it without anyone asking any questions. For example, if you need the money from your account to take care of an emergency or something of that nature, it’s there for you. You can use it, without hesitation or questions, at any point in your life. You can use it without paying any taxes and without paying any penalties. So if you’re looking to consider one over the other, we encourage you to look at the policies available to you and consider the fact that a whole life policy might not be as bad as you once thought.

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