Unlike certain kinds of insurance, life insurance isn’t a requirement. Sure, it’s a nice cushion for your family in the event of your death; it’s even a nice cushion for you in the event of an emergency. Yet, since life insurance isn’t a requirement, many people choose not to purchase it.

Many people have just as many different opinions when it comes to whole life insurance policies and term life insurance policies, the two most popular kinds of life insurance policies. It is the opinion of some people that whole life insurance policies are the only way to go, with their “whole life” coverage and investment components. They like the guarantee of a whole life insurance policy – if it covers you for life, your beneficiary is inevitably going to use it one day – and feel as if investing money into something you may never use, such as a term life insurance policy, is ridiculous.

It is the opinion of other people that “whole life” coverage isn’t always needed. For example, parents may choose to purchase a term life insurance policy for a child who is at risk for inheriting a potentially fatal health condition. These people also tend to have the opinion that the investment components which come along with whole life insurance policies – investment components that are often described as “forced” – are actually a waste of money compared to the numerous other ways to wisely invest money.

When you’re ready to choose your own life insurance policy, takes the opinions of others with a grain of salt. In other words, take their opinions into consideration – most of these people didn’t form their opinions on the different life insurance policies without some kind of experience – but don’t be swayed by their opinions. Research the different benefits of each kind of life insurance policy, as well, before making your decision about which kind of life insurance policy is best for you.