I don't have any children, and I'm not married.
With all the illness and tragedy going on in the world, I am thinking about purchasing a life insurance plan to be prepared when I do have more responsibilities.
The only question is, which type of life insurance is better for me?
First, consider what your goal is for your life insurance - what do you want your life insurance plan to accomplish?
Then, consider how long you really need life insurance, how much coverage it will take to accomplish your goal, and what can you afford to pay?
Next, review your options - Term and Whole Life.
Term life is temporary, providing coverage for up to 30 years with level rates and coverage amounts. It is pure life insurance protection, not an investment.
Whole life provides lifetime coverage, and may build up cash value inside the policy from which you may take a loan in the future.
Term life costs a lot less than whole life insurance, which means you can afford a lot more life insurance protection with term life.
Term life offers coverage for a period of 10, 15, 20, 25 or 30 years. And, term life may offer an option of conversion privileges which allows you to convert your term life policy into whole life insurance by a certain date in the future.
Here's how you can learn more about whole life insurance versus term life insurance