Whole vs Term

It is indeed very hard to become a single parent. Other than taking all the responsibilities on your own, there is this worry that no one’s going to look after your children in your absence. This is the very reason why all single parents are advised to get life insurance. This type of plan is specially designed to act as a replacement to your income thus provides funds to your dependents or guardians of your kids after your demise.

Single parents have the choice between term life insurance and whole life insurance. Term life insurance is more popular because it is less expensive. Plus with this type of policy, you can purchase a large coverage amount for a small premium and depending on your children’s age you can opt for a term of 5 to 20 years. This will ensure that your children remain protected in the years that they need it the most.

On the other hand, a whole life policy comes with an investment component that can act as extra savings for your children. This cash value amount can be borrowed against and comes in helpful when sudden expenses such as college or a wedding need to be dealt with.

For a quick and easy process, utilize the various calculators available online to determine the policy that is affordable and meets all your requirements.