Factors to consider when choosing coverage for health insurance.
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I need life insurance for my parents, who are in their 40s. They don't have any health issues as of now. How can my parents decide whether the higher cost of whole life insurance is justified, especially when its cash value and lifelong coverage are balanced against cheaper term options with limited duration?
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Whole life insurance gives you coverage for your whole life and builds cash value over time, so it can be a solid asset. But honestly, I think term life might be a better choice if your parents want to keep their premiums low right now. They should really think about the higher cost of whole life against whether they need a guaranteed payout later or if they’d rather have more flexibility with their budget in the future.