@Kaile said in Factors to consider when choosing coverage for health insurance.:
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.
Whole life feels like a huge, decades-long commitment with those high premiums. For a parent, wouldn’t it be smarter to just get affordable term coverage now and invest the savings ourselves? I feel that having that extra cash and flexibility is better than being locked into a guaranteed payout we might not even need later.