Close this search box.

What Type of Life Insurance is Best For Me?

According to some financial planning experts, buying whole life insurance isn’t worth the price. The reason? This type of life insurance has higher premiums and low returns on cash value. 

On the other hand, term life insurance is typically less expensive. As such, with these savings, you can build wealth during your lifetime. Typically, this is accomplished by investing the savings in traditional means, such as a 401(k), IRA, or bonds. 

What’s more, term life insurance policies may be better suited for those who;

  • Need to replace income over a specified period of time.
  • Are looking for a more affordable coverage option. 
  • Want a straightforward process.

However, individuals who require lifelong coverage and are also looking for safety and guarantees may find whole life insurance to be the better insurance product. Additionally, this type can be a useful estate planning tool for high-income individuals who have already exhausted their other tax-deferred accounts. It’s also possible to leave an inheritance to your heirs by adding whole life insurance to your will.

Also, for those over the age of 60, and want to shield their loved ones from financial burdens, whole life insurance is worth exploring. Specifically, a guaranteed issue for those who;

  • Have been previously declined for life insurance. 
  • Believed that age or health has prevented you from obtaining life insurance. 
  • Do not want your family to worry about final expenses, such as the cost of your funeral. 
Chapters - Due Life Insurance Plan

About Due

Due makes it easier to retire on your terms. We give you a realistic view on exactly where you’re at financially so when you retire you know how much money you’ll get each month. Get started today.

Due Fact-Checking Standards and Processes

To ensure we’re putting out the highest content standards, we sought out the help of certified financial experts and accredited individuals to verify our advice. We also rely on them for the most up to date information and data to make sure our in-depth research has the facts right, for today… Not yesterday. Our financial expert review board allows our readers to not only trust the information they are reading but to act on it as well. Most of our authors are CFP (Certified Financial Planners) or CRPC (Chartered Retirement Planning Counselor) certified and all have college degrees. Learn more about annuities, retirement advice and take the correct steps towards financial freedom and knowing exactly where you stand today. Learn everything about our top-notch financial expert reviews below… Learn More