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!
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.
This policy is good for a lifetime and is preferable when your goals
- Accumulating cash for retirement or a child's graduation
- Providing a death benefit to a charity
- Minimizing estate taxes or protecting a business interest.
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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