Since whole life insurance policies are participating policies, does this make them the “best” kind of life insurance to own? The answer to that is not so simple.
For instance, term life insurance is by far the least expensive form of life insurance for the amount of time that it is owned. The problem with term is that it expires and does not necessarily last for a whole lifetime. Term life insurance clearly has its place in the life insurance product lineup as it is a useful and cost effective solution for many life insurance owners. Term may be the best type of life insurance policy for many people, while other forms of insurance may be appropriate for others. Read on to learn why a participating policy may be the best choice.