As its name implies, direct purchase insurance is a kind of product that you can buy directly from insurance companies themselves. It encompasses term and whole life insurance products with total and permanent disability coverage with the optional of adding critical illness riders. What’s a site like us writing about the pros and cons direct purchase insurance, when we love our curated pool of credible and incredible financial advisers? We here at fundMyLife strongly believe that it is crucial to empower consumers with financial knowledge.

Also, it’s easier to ask questions when you’re sufficiently equipped with knowledge. Thus, in this article, fundMyLife presents the pros and cons of direct purchase insurance.

Pros #1 It’s cheap

The most obvious advantage of direct purchase insurance is that it is cheap. Without financial advisers in the picture, it also means there is no sales commission nor processing fees. You can use those savings and