ST. LOUIS – There are different life insurance policies, but which one is right for you?
Marvin Mitchell, senior financial planner and president of Compass Retirement Solutions, said there is term life insurance and permanent life insurance. He also said term insurance is cheaper when you’re younger and that’s good because you have other expenses like a house and children, but when it expires in ten or 20 years, you have to get approved for another life insurance policy.
Permanent life insurance is when the policy lasts your entire life. Mitchell said you will pay premiums, but not for your entire life.
Get Mitchell’s free book by visiting RethinkingRetirement.net.