Whole or Term Life Insurance for Single Dad

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Q: I am a single Dad in my late 30's. Any tips on choosing between whole life and term life insurance?

This really depends on your goals and objectives, along with your budget. If you need life insurance for a specific period of time, term insurance provides protection from one to thirty years and is generally the least expensive form of life insurance. The older you get, the more expensive it becomes. To renew at the end of the term that you purchased on a fixed annual premium basis, many policies require a medical examination. And unlike the more expensive whole life insurance, you do not build equity in the form of cash savings. Term insurance is a useful financial tool for, among others, those who need a large amount of life insurance but have a limited budget. Whole life is a more costly product, but it lasts through your lifetime, provides a death benefit and is a tax deferred savings vehicle.

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Whole or Term Life Insurance for Single Dad

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