Insuring your life will definitely help your dependants in the future in terms of finance. There are two categories of life insurance and are called as term life insurance and whole life insurance with various types of policies. Every policy has its own advantages and disadvantages. As all the policies will not fit for everybody, it is necessary for you to choose the correct policy that suits you.
The cost incurred for whole life insurance is more when compared to the term life insurance. The quotes for the term life insurance can be obtained from many numbers of providers in just no time for viewing the rates. The term life insurance policy will expire on it attainment of the term end as it has the date of expiration.
Although the whole life insurance is considered to be expensive when compared to the term life insurance, it does not have the expiration date and hence do not expire. This way you will be covered for your entire life period as long as you make your premium payments promptly without any default. Here again, you can get the quotes from various companies. You will also be in a position to invest with the help of the cash value accumulated in this policy. You have an option to get some amount borrowed against this policy on requirement of finance.
The argument is still on regarding the ranking of the policy – whether whole life insurance or term life insurance. But the decision is purely with the purchaser of the policy. He has to thoroughly analyze and proceed.