At this modern times, you can buy whole life policy or term life insurance. The idea is to protect your assets like salary and home should you die and your beneficiaries needs financial help.

Generally buying insurance at a young age will guarantee a low premium. Term policies are for a set of period of years. The fine print is pretty straightforward for life insurance but look out for hidden charges.

There may be punitive switching or surrender charges or administration fees if you want to change or get out of a whole life insurance investment early. Term life is usually the most affordable and cost-effective compared to a similar Whole Life Policy.

There’s a saying, “Buy Term and invest the difference”.

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