When I was younger, having life insurance meant that you were paying a set amount of money each month to ensure that if you were no longer alive, your family could bury you, and possibly have some money left over for living expenses if you had a large enough policy. I guess things in this department have not changed much at all, except that when I was younger, whole life was the only type of life insurance my family talked about they discussed their policies.
Then as a younger adult, I had heard about a company that offered term life insurance. From what I understood, term life insurance was for a set time frame of ones life, say until the age of 70. What good is that? If you lived a day past 70 did that mean you were out of luck when it came to getting your burial taken care of, or that your family was left out in the cold when it came to settling your financial affairs?
How do the two types really differ and how do they benefit the average individual? Which one is better?
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