What’s the difference between whole life and term life insurance?
The main difference between the two are amount of coverage and premium options.
If you buy term, that is the cheapest option compared to whole life insurance, but it only covers you for a limited number of years. Term life insurance lasts for a set period of time, typically 10-30 years, after which it expires. Whole life insurance, on the other hand, lasts as long as you continue paying premiums.
Whole vs. Term
Whole life Insurance:
- Premiums can be locked in for life
- Provide a cash value in addition to the death benefit
- Policy never expires if you keep making premium payments
- Typically, an expensive form of coverage
Term life insurance:
- Typically, the cheapest form of coverage
- Cannot be used as a wealth-building or tax-planning strategy
- Policy expires after term is over
So, which life insurance coverage is the best to provide peace of mind and financial security for your loved ones?
We’re here to help you find the best coverage for your family – Get in touch with us today to get free life insurance advice with our experts!