Life insurance can be confusing. In fact, there is such a perception about life insurance being complicated that many people just avoid purchasing a policy altogether. In the 2015 Insurance Barometer Study, one of the top reasons (38%) given for not purchasing life insurance was not being sure about what type to buy.
Unfortunately, not having life insurance can be disastrous for your loved ones. Unexpected losses occur each day, and it would be a tragedy to leave your family without the means to replace income or pay important expenses left behind. Here is what you need to know about the difference between whole life and term insurance, several pros and cons of each, and some tips for making the right life insurance policy choice.