A guide to life insurance at different stages of life: How do young people, new parents, and middle-aged people make choices?

Why Whole Life Insurance is the Best Choice:

You can also buy more term life insurance! But if you’re financially secure and want to invest for the future while providing protection for your loved ones, whole life insurance may be worth the higher premiums. Whole life insurance can offer you more flexibility and financial upside than simple term life insurance. Whole life insurance costs more than term, but it allows you to build cash value in your life insurance policy, or invest in securities. It’s also flexible, letting you change premium amounts, alter the death benefit, or temporarily stop paying premiums. Whole life insurance isn’t right for everyone, but it offers some helpful features that may be right for your personal finances.

In summary, term life insurance is a good choice in most cases. But if you can afford the higher premiums and want your life insurance to have growth, flexibility, and give you investment options to grow your savings, whole life insurance may offer a higher return on your investment.