Term life insurance or Whole life insurance
Hi,
I'm thirty years old. I have been brooding about purchasing a life insurance and when I started doing the research, I'm faced with the dilemma of selecting between Term life vs whole life.
Here are my thoughts on this
a ) I understand that life assurance is not like retirement plan so I'm going to save enough for my retirement so myself and my dependants can live happily after I retire. At this point, myself and my partner both work so we are hoping to save enough for retirement. Having declared this, I believe I might go for a term life insurance for 30 years from now just in case something astonishing happens to me between now and sixty years of age. Beyond sixty years, if something were to happen, our pension funds, hopefully, can help us.
I understand if nothing happens to me from now until 60 years, I wont get anything from the insurance ( I want to approve if this is the same with all companies who offer term life insurance ) ?
b ) The other thought is full life is I am absolutely covered until the end of my life. Naturally, the premium would be higher and fixed. There is also some savings element to it which I suspect I will get when I withdraw the policy.
c ) Or, should i go for Term life assurance now but then change to full life at some specific point between now and 60 years of age ?
Any counsel is appreciated.
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