Choosing the Best Life Insurance Policy

Choosing the best insurance policy is pretty an intimidating task. However, in realism, there are many aspects that you must consider before concluding on to the best insurance to purchase for yourself and your family.

What Type of Life Insurance Is Best?

Life insurance has 3 chief options or kinds: Term, Whole Life, and Return of Premium. You can browse to get progressive insurance reviews.

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Term Life Insurance

Term life offers a set amount of coverage for a preset amount of time such as 10 to 20 years, and bonuses are generally set at a flat rate.


It is easily affordable

It is renewable

The Cons:

It has an expiry date

NO money is paid out

Whole Life Insurance

Also termed as Permanent life insurance, Whole life insurance gives you security throughout your whole life.

The Pros:

It is permanent.

Whole life policies NEVER expire.

They have fixed premiums.

It assures guaranteed payouts.

The Cons:

Expensive. Because this sort of policy builds up a savings account or “cash value”

Its premiums are not cheap.

 Return of Premium

The Pros:

It’s a compromise. A return-of-premium policy offers a death benefit that is paid out when you pass away.

It is easily affordable by everyone.

It is easy to understand and shop for.

 The Cons:

NO return on your investment. If you survive the opening terms, you will only get back what you paid in. If you terminate this policy, you get nothing in return.