Is whole life insurance right for you?

If you find yourself considering the purchase of a life insurance policy, two words will inevitably come up in the research process: term and whole. So, when is whole life insurance the right choice?

define: whole life insurance
Also known as permanent life insurance, whole life insurance provides coverage for the insured’s whole life, as opposed to a specified period of time (a term).

Whole life insurance policies often double as savings vehicles, so your account can gather interest and grow over time. So, in addition to providing life insurance coverage, whole policies can also provide a source of income or serve as a borrowing source.

If you’re interested in purchasing a life insurance policy that can also add to your investment portfolio over time, whole life insurance may be your best option.

Recommended reading: Whole vs. term life insurance