The premiums for term insurance increase with age, so your total premiums paid if you have term insurance for your entire life may be higher in total vs. the total sum paid for whole life / limited-pay whole life plans.
So it depends on what you want to cover. Cos not everyone buys term insurance for their entire life - when you're 60+, your parents are likely to no longer be around and your children are already grown up and earning income, so you don't have to support them anymore. Thus many people who buy term would consider to reduce their life insurance coverage at this stage onwards.
Buying term during the stages of your life where you have the highest financial risks and dependents to support = the cheaper option vs. whole life. Even better if you can invest the difference.
Hi there, generally speaking, term is more expensive (in the absolute amount of premiums paid) than whole life if any of the following happens:
You might want to consider term plan which covers you till age 65 (Means you got to pay premium from...
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