Does term insurance have more worth than life insurance to you?
Who can shed more light on if term insurance has more importance than a life insurance and what are the different pros and cons for both the term and whole life insurance?
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Put simple, term insurance is cheaper if you're planning to stay covered for the next 10 to 20 years and less than 70years in general. Whilst the whole life insurance is cheaper if you prefer coverage until 99years with limited payment term. You can opt for a mix of both the whole life and term plans, where the whole life plan covers your final expenses and/or daily expenses for you and your family in the event of untimely death or critical illnesses. Also term plans of about 10 to 20 years can come in handy if you have new-borns as extra coverage will be needed during the years when your children are growing up. In conclusion, there are no right or wrong in planning like this. How much to buy and what to buy depends on what your priorities are.