Term Life = Rented Accommodation
While there are many people who will vouch for a term life insurance over a whole life policy, there are others who beg to differ. According to them, a term life policy is like renting a home — in the beginning, renting is much cheaper, but in the long run buying is cheaper. Pensacolanewsjournal.com reports:
Term programs really only have one advantage over cash value policies. That advantage is the price. Term insurance is typically much cheaper than whole life insurance, a permanent-level insurance protection from policy issue date to the death of the insured…However, with term insurance, after the term is over, expect the price to increase significantly.
Read more: Select life insurance that fits your needs
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