Life insurance is available as whole coverage, consisting as protection and savings, and as solely protection or term insurance.
The difference in premiums, therefore, are much higher for whole life. And statistics show that that difference, if put into a low-cost mutual fund, will return more to the insured than the whole life policy itself.
The purpose of the whole life policy is to make that savings portion mandatory but it’s an expensive savings option. (See the Earl J. Weinreb NewsHole® comments and @BusinesNewshole at Twitter.)
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