Why I would never choose whole life insurance over term life

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Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

A few weeks ago, I was talking to a friend about her finances when she told me she had a life insurance policy. I was stumped. My friend is single, doesn’t have kids, and doesn’t own a home. If she died, no one would be impacted financially.

It turns out my friend’s parents had bought her a whole life policy when she was born, and she recently took over the payments. She was paying hundreds of dollars a year for a policy she didn’t need.

Life insurance is a complicated topic, and many people avoid buying a policy or don’t think they need one. On the other hand, it’s easy

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Business Formation – Choose a Business Structure: LLC, Corporation, Sole Proprietorship, Partnership

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Common questions

What is a limited liability company?

A limited liability company, or LLC, is a business entity created under state law that combines characteristics of both a corporation and a partnership. Like a corporation, the owners of an are generally not personally liable for company debts. Like a sole proprietorship or a partnership, an LLC is, by default, a “pass through” entity for tax purposes. This means that the LLC does not pay taxes on its profits, but instead, profits and losses are “passed through” to the owners, who must then pay tax on their share of LLC income.

How does a corporation protect my personal assets?

If a business operates as a corporation, the business owners, called shareholders, are not personally liable for debts or other claims against the corporation. That’s because the corporation is a separate legal entity from its owners. If a corporation complies with the

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How to Choose the Right Word

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The words “personal” and “personnel” are related in meaning, but they’re not identical. They also belong to different word classes and they’re pronounced differently. The adjective “personal(with the stress on the first syllable) means private or individual. The noun “personnel” (stress on the last syllable) refers to the people employed by an organization, business, or service. Both words derive from the Latin word personalis, meaning of or related to a person.

How to Use “Personal”

The word “personal” is an adjective that has two different meanings: It may be used to describe a person’s unique preferences or qualities, as in “My ‘personal’ favorite musician is Bruce Springsteen” or “My ‘personal’ ability to play baseball is not very impressive.” It may also be used to refer to private experiences or items, as in “The police even went through his ‘personal’ correspondence” or “You have no business tampering with my

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