What is the difference between “term” and “whole life” insurance?
ANSWER:
Term life provides death benefit only for a low cost in the early years. It gets very expensive as time goes on. Only 2% of term policies ever pay a death benefit because most people drop them when the cost goes up. It is excellent for short-term coverage.
Whole life provides lifetime coverage. The premiums are more expensive in the early years, but you get level cost, a cash value buildup in a tax friendly environment, low cost loans, and lifetime coverage. This can be an excellent long-term solution.
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Health Savings Accounts
You can use this account to pay for your qualified health expenses, including expenses that the plan ordinarily doesn’t cover, such as eyeglasses and hearing aids.
Expenses paid out of the HSA that are eligible expenses under your high-deductible health plan will count toward the plan’s deductible.
