Life insurance (also known as whole life, term life, or annuity) refers to a fixed, cash value type of insurance that pays out a fixed amount to insured on insured’s death.

About whole life insurance:

For most people, whole life insurance is simply too expensive. Not only is it ridiculously expensive, but it only provides your dependents with a tiny small amount of the coverage and at great risk.

-A lot of policies available with less than one year validity -A person will get a detailed policy for a lower premium & can choose from a variety of insurance products

Pros of whole life insurance:

Also known as term insurance, whole life insurance is perhaps one of the oldest forms of insurance available. You are essentially paying a monthly premium for insurance that will pay you for as long.

-Insurance coverage in time of need is not required -Rates of life insurance vary depending on risk profile of insured -Check for discounts if you are a cancer survivor

Pros of whole life insurance:

You don't have to be at an age where you would need life insurance for actual policy. This makes whole life insurance a good choice for people who are planning to care of their parents' insurance.

-Insurance is not required in event of an illness, accident, or other foreseeable financial hardships -You are not covered in case you become a victim of a criminal act

Cons of whole life insurance:

A whole life policy has a two-year waiting period from the time you buy it to buy the policy again. If you sell your policy before you die, you'll have to pay taxes on money you make from the sale.