If you need a large amount of life insurance coverage for period
of 30 years or less, Term life is more cost effective, at least in the short
run, than Whole Life insurance.
While Whole Life builds up cash values inside the policy
over time that can make it come out ahead of term life in the end, not everyone
can afford the amount of life insurance coverage they need in a permanent life
insurance policy.
Sometimes taking a combination of Term Life and Whole Life
can be helpful to keep costs down, and provide enough life insurance coverage
to get the protection you need, yet some coverage locked in permanently for
your entire lifetime.
