Image via WikipediaFinancial IQ Philippines Quick Hit(s):
Term insurance is the way to go as it offers affordable life insurance coverage.
One of the most commonly question I get is... what is term insurance? Term insurance is a "use-it-or-lose-it" type of insurance. In motor vehicle insurance, you will not get anything if you were not involved in any accident (during the coverage period). Similarly, Term Life insurance acts in the same manner, except it applies to life.
So why Term the premium is lost if nothing happens? Well, Term insurance is a lot cheaper than participating insurance. Savings can reach as much as 40% to 50%.
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