Quote:
Originally Posted by pwd72s
If you wish to protect an income to provide for loved ones in the event of your untimely passing, search for Term life insurance.
Forget whole life policies, they only benefit the insurance company.
That's it in a nutshell.
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That's an oversimplification. Under certain tax conditions whole life can be very beneficial. Premiums are paid from a holdco in before tax dollars, but the income can be tax free.
But I agree, for most working people term is better.