Contemplating getting life protection for you and your family? It’s a tough decision to make, not because of the benefits it affords but because of the cost. Getting all-inclusive insurance will run you a pretty penny every year. Many people decide that whole term life insurance, given its costs, isn’t worth it, and go for term plans instead. And there are a whole slew of reasons why that’s an okay idea.

But it’s not the best. If you can afford it you’re highly recommended to go with whole term life insurance, as the benefits of having your whole existence covered outweigh any benefits afforded to you by a term coverage plan.

The whole plan is more expensive because, in short, it’s better. The term plan doesn’t give you as much coverage as the life plan and doesn’t afford you the same level of flexibility. One of the main reasons is because a term plan won’t afford you a cash value.

Limited plans, when it comes to insurance, only grant face value. Face value is money doled out once you’re dead. Cash value, on the other hand, is money you or your family may access while you’re still alive. Why would you want to do this?

A myriad of reasons, really. You can use the cash to pay for anything. A bit short on a debt? Cash value can help. Has an emergency sprung up and you need some dough? Cash value. Is a life threatened and you need that extra money right away? Cash value.

What’s more, you can take the money from that cash value and apply it back towards the total rate of your whole term life insurance plan. It sounds like a rather cyclical idea, but it works well, and can save you a lot of money in the long run.

And, if all that isn’t enough, bear in mind that the moment your term runs out on limited insurance is the moment your coverage is gone. Money paid into your premiums does not carry over when you renew terms. Seems like a waste, doesn’t it?