Life Insurance is something we usually start thinking about when we have dependents. Life Insurance falls into two broad categories- term and whole life. Term insurance is insurance without any investment, and lasts as long as you pay your monthly premium. Whole life has an added investment component that accumulates tax-free, and is paid out on your death.

Of the two options, whole life is more expensive for several reasons. Because insurance agents get much larger commissions when they sell whole life coverage as compared to term life, they will always try and convince you of the benefits of whole life. What they don