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Term insurance premiums start off low, but increase as the insured ages. Term insurance policies do not have a cash value. Whole Life insurance policies have a higher initial premium, but the coverage is level throughout the insured’s lifetime. Whole Life plans can often be paid-up in a limited number of years and have a built-in cash value.
Whole life insurance has a very important role in true financial planning when positioned properly. Maybe the most important part of a plan, by allowing individuals to spend their investment money in the golden years knowing the entire time they can replace the income in their twilight years dead to the spouse or themselves if alive.
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