Term or Whole life?
What’s the difference?
Term Life Insurance:
A temporary form of coverage with a set end date. Term insurance is suited to protect goals within 10 - 30 years and due to it being temporary it is significantly less expensive than a permanent policy.
It is typically purchased to protect the following: A Mortgage, Children, Surviving partner, Debts, post secondary education funds.
Whole Life Insurance:
A permanent form of coverage. Whole life insurance is suited to prepare for things that can’t be predicted or estimated.
It is typically purchased to protect the following: Funeral costs / Final Expenses, inheritance, capital gains.