| Although there is a big push towards buying Term | | | | moment. Do you already have a savings account? |
| Life recebtly, Whole Life insurance does still have | | | | If so, are you putting money into it on a regular |
| a few advantages that you should consider | | | | basis? Do you consider your savings account to |
| before you jump on the "Term bandwagon". | | | | be an asset that you can use anytime in the near |
| What are some of the advantages of whole life | | | | future if needed? |
| insurance, you ask? Let's take a quick look at a | | | | These are all things that you should consider |
| few of these. | | | | before turning your back on a Whole Life |
| #1. Whole Life insurance is "permanent" insurance | | | | insurance policy. Many Americans find it almost |
| coverage that is designed to provide protectionfor | | | | impossible to save and when they do, they usually |
| you for as long as you live, up until the age of | | | | end up dipping into it before it can accumulate into |
| 100. This is unlike most Term Life policies which | | | | anything substantial. This is one of the big |
| are only designed to provide coverage for a | | | | advantages of Whole Life insurance. You pay into |
| specific period of time, such as a "10 Year Term" | | | | it just like any other bill and later in life you'll |
| or "20 Year Term" policy. | | | | actually have something to show for it. |
| #2. It provides a cash value that you can borrow | | | | Summary - These are just a few of the |
| against later in life. Many states require that the | | | | advantages of Whole Life insurance. For many |
| cash value exists within a short period of time, | | | | people they're not adavantages at all because |
| such as three years from the time you purchase | | | | they have no trouble saving money and would |
| the policy. | | | | rather buy Term Life instead and invest their |
| #3. There are many critics of Whole Life | | | | money elsewhere. However, for those peopleple |
| insurance because you are paying more than you | | | | that want something more permanent and would |
| would for Term Life and part of the premiums | | | | like something that they know they can rely on in |
| are being placed into a savings account. However, | | | | their future, the advantages of Whole Life |
| if you look at the two good reasons above you | | | | insurance cannot be ignored. |
| may change your opinion. Think about this for a | | | | |