A few years ago I was shopping around for life insurance and did not know what was the difference between Term Life vs. Whole Life Insurance or which one to choose. Needless to say, I scheduled a meeting with an insurance agent who walked me through what each was and which one would best fit into my life at that time.
We all grapple with this decision when first shopping for life insurance. But the ultimate decision is really based on your why in getting life insurance. With either policy, your loved ones can spend the payout on a variety of costs, such as funeral expenses, mortgage payments, college tuition, and more. But depending on your coverage needs, one type of life insurance may be a better fit than the other.
Continue reading to learn more about term life vs whole life insurance and decide which type of life insurance is right for you.
This post originally appeared at Everything Finance.