You know you need life insurance. It’s a way to provide financial protection for your spouse, children, or other dependents should you unexpectedly die. But knowing that life insurance is a smart move and knowing which type of policy to take out are two different things.
Studying up on life insurance isn’t fun. Fortunately, most consumers choose between just two different types of life insurance policies — term and permanent. And if they choose permanent life insurance, they usually opt for what is known as whole life insurance.
What’s the difference between the two? And which type of insurance is best for you? Here’s a crash course in the difference between term and whole life insurance.
By Dan Rafter on 3 November 2016