Reasons to Buy Whole life insurance

Can term life insurance totally replace whole life insurance?

The answer is Not Really.

Why need buy whole life insurance?

The reasons that we need buy some whole life insurance are as below:

Critical Illness Cover

When you are getting older, Term life insurance gets more expensive as we age. Most importantly, there is more likely  that you may be caught by Critical illness than you are young. In case that happened, your medical insurance usually are not enough to cover all your medical expense, thus you need a lump sum money to cover your expense, rather than became a big financial burden for your family without any insurance. While the term life insurance usually can only cover to age 65, so it will be reasonable to buy whole life insurance with 50,000 to 100,000 critical illness cover.

Forced savings

By moving some savings contributions into a bill that must be paid via your premium payment. The cash value insurance plans do promote savings discipline. However, Term life insurance has no cash value, thus you may want to consider to buy whole life insurance as a cash value policy. In this case, cash value whole life insurance may also to act as your retirement plan.

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