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So-called differences between various “types”of insurance are nothing more than different contract terms specifying how you pay for that coverage.
In this step-by-step case study, I analyze the classic “whole life vs term” debate through a new lens: I reverse-engineer my whole life insurance policy and compare it to a "buy term and invest the difference" strategy. For the first time, you’ll see the true costs embedded in whole life, a new perspective on term + mutual funds, and how taxes and fees impact both strategies.
When it comes to life insurance, there are two schools of thought:
Buy whole life insurance or;
Buy term insurance and invest the difference you save from not buying whole life.
Whole life is often criticized for being expensive... read more