What is better whole life or term insurance?

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Expert Solution

Age & purpose (of insurance purchase) needs to nbe considered before arriving at the answer.

A young person around 25 years of age should choose term plan & convert to whole life insurance to save premium in early years of life.

However, a person of age 40 years or more should choose permanent life insurance. Before buying the latter it needs to be ensured that 1) cleared all debts are cleared, 2) they are not having any critical illness, 3) they are financially sound, 4) they have sufficient funds such that all their future commitments are covered

jeff jeffy answered 1 year ago

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