Q.
What are the pros and cons of term vs. whole-life insurance policies?
A.
Term insurance gives the most bang for your buck with smaller premiums and more coverage, but it lasts for a limited time. Whole-life insurance is a combo of a savings/investment account, plus the benefits of term life insurance. The catch: The savings portion comes with hefty fees. Your best bet: Stick with term life insurance that’s about 10 to 15 times your annual household income.