When you are putting together your financial planning portfolio, one of the most boring aspects of it is life insurance. You’ve been told a hundred times that you should have life insurance, but what kind of life insurance should you buy?

If you discuss this issue with the majority of insurance agents, they will probably tell you to get the whole life insurance-you know, the one that costs more monthly but builds up cash value over several years as you keep putting money into it.

On the other hand, the majority of non-insurance agents will tell you to go with term life insurance-the one with the much lower monthly payment that only pays out when the policy holder dies.

I am in the camp of those recommending term life insurance, and here are 3 reasons why:

1. Term insurance does what life insurance is meant to do

Life insurance can be confusing to understand in and of itself.  So when carriers come out with multiple products with an array of provisions it can be overwhelming to decide which is best for your planning needs.

So let’s catch you up on the different types of term life insurance policies.  Being informed will help you be more comfortable with the product and more confident in your decision to purchase the plan for you or your family.