This is a guest post from my friend and fellow financial literacy advocate, Jess Uy.:)
Term insurance may seem like the underdog when it comes to insurance policies because it lacks cash value. It may not be for everyone, but one should seriously think about getting a term policy over a whole life if their budget is rather limited.
Affordability is a primary reason why people buy term. It is highly attractive to people on a budget who need high coverage but have limited resources. Plus the earlier you get the policy, the more you save. In fact, savings become exponential the younger you are.
Young families or those with dependents will particularly benefit from this option. This group may find the option very attractive especially since they usually work with limited funds – balancing their financial resources for children’s education needs and retirement savings among other financial commitments. Continue reading Term Insurance – Is it for Everyone?