When you choose a life insurance policy, you have to pick from term or whole life insurance (or another form of permanent life insurance). Term life insurance is cost-effective and will give benefits to your family if you die but if you fail to die (so to speak), nobody gets anything (except the life insurance company). Whole life insurance will provide coverage for all your life and you can either cash in or borrow against it in case you live through the life of the policy. You get the payout amount or even more because (more…)