The National Directory of Certified Public Accountants

Ask A CPA - Insurance

Is Term Insurance Better Than Whole Life Insurance ?

The answer depends on your personal objectives and needs. Term life insurance is much less expensive over the guaranteed premium period of the policy, which can be as long as thirty years in some states. However, if your family's need for life insurance exceeds the guaranteed period, then whole life can end up being less expensive. Also, whole life insurance builds cash value within the policy that can be a source of capital to meet living needs.

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