It depends on your wishes and your monetary situation. If you can comfortably increase premiums and need your life insurance policy to become a monetary asset, whole life insurance may be worth the price.
But if you only need to purchase life insurance to provide your family with a monetary safety net in the event of your death, a
Temporary insurance
Politics is enough.
For a healthy, nonsmoking 40-year-old, the average $500,000 total life insurance policy is $5,972 per year, according to
Average Insurance Rates
For comparison, the same applicant could pay just $308 per year for a 20-year, $500,000 term life insurance policy.
Modified whole life insurance is a type of whole life insurance that offers lower premiums during the first few years. After that, the bonuses disappear. During the “modified premium” period, you cannot contribute to the monetary price of your policy.
On a note. . .
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