In last week’s Financially Wise Living episode, we talked about why life insurance is so important—for both you and your loved ones.
This week, we’re going to talk about the difference between term life insurance and whole life insurance.
Simply put, term life insurance is like renting. It pays a benefit in the event of your death—during a specific time period.
Comparatively, whole life insurance lasts your whole life—usually until age 100 or even 120. The premium is more expensive, but you’re guaranteed that the money you pay each year will eventually get to your beneficiary, and you’re not tied to a specific timeframe.
Just like buying a home or making any other financial decision, life insurance is complex. Whether you decide to go with term life insurance or whole life insurance, make sure you’re clear about the details before you commit to one or the other.
As always, if you have any questions, don’t hesitate to reach out and schedule a free Discovery Session with me so we can talk about this and other financial questions you may have. In the meantime, sending you lots of money love!
P.S. For more info about life insurance and a whole host of financial topics, be sure to subscribe to our Financially Wise Women YouTube channel!
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The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial adviser prior to investing. There is no assurance that the techniques and strategies discussed are suitable for all investors or will yield positive outcomes.