We recommend you buy a cheap term policy before you buy whole life insurance. We are not saying you shouldn’t buy a whole life, but buying term first can have many advantages.
What buying a cheap term will allow you to do is:
- Lock in your insurance health rating
- Convert to whole life at any point in time
- Have enough coverage
- It buys you time to decide on the best whole life design for you.
The cost is less than a cup of coffee per day!
If you are considering whole life insurance, you will need to pick one of the large carriers with a good whole life.
Cheap Term First Then Convert
The good news is that most life insurance companies want your business.
This means that many of them will allow you to convert from “company A” term to whole life with “company B.”
So the important aspect is to get the term. This way, your health rating is locked in!