Term vs. Whole Life – Which Should You Choose?

couple looking at chartsMany young men about to propose marriage struggle to choose the perfect wedding ring – whether to buy an elaborate and expensive diamond, or a simpler, less expensive gold band. Each ring serves the same purpose as a symbol of everlasting commitment, but there is a substantial difference in cost, as well as the possible reaction of friends and family and the expectations of the recipient.

Choosing life insurance can pose a similar conundrum. While all life insurance provides funds in the event of the insured’s death, the same factors – the purpose for which the funds are intended, the cost, and the needs of the beneficiary – have to be considered when selecting the type of life insurance most appropriate to your situation.

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