Term Life Insurance Can Come with Risks
Term insurance has many benefits, but there can also be a huge risk. Once the term of the life insurance policy has expired, the policy, itself, no longer exists. A new one will have to be acquired. The new policy could end up being quite costly. Then again, there is always the potential a new policy itself might be turned down. This can leave a person wanting to acquire life insurance unable to do so based on age and medical condition. To avoid such a terrible scenario, it may be wiser to look into a whole life insurance policy. This is certainly not to suggest whole life insurance is always better than term under all circumstances. Rather, you need to seriously weigh which one would be better based on unique circumstances.