What is the best type of Life Insurance?

There are two (2) main types of life insurance; cash value and term life insurance.

Cash value is the most common type of life insurance offered on the market. This type bundles the risk and investment components into one policy.  This makes premiums high with relatively low sum assureds. Although the policyholder pays for TWO components, he/she benefits from ONLY ONE component. One either takes the investment benefit while alive or one’s beneficiaries’ access the claim when the insured passes on, both benefits CANNOT be accessed at any point in time. Why pay for two (2) and benefit from one (1)?

Term insurance on the other hand offers a policy that covers risk only. Due to the coverage for one component, its premiums are relatively cheaper than cash value and provide high sums assured. The client benefits from BOTH companies; he/she can withdraw from his/her separate investment account with an investment Company and access a claim from the Insurance Company when any of the covered incidents occur. Term, therefore, is the best type of life insurance to buy.