If you're looking to buy a life insurance plan you may be wondering what the difference is between the two basic types of coverage - Term and Whole Life.
There are a few very important issues to be aware of when comparing Term Life and Whole Life:
However, a whole life insurance policy can cost up to 5 to 10 times more than a term life insurance policy for the same amount of life insurance protection.
That's why it's important to know what goal you want your life insurance to accomplish, and how long you need your life insurance policy to last in order to accomplish your goal.
If you need life insurance for 30 years or less, then term life can help.
Learn more about the difference between term life versus whole life insurance.
There are a few very important issues to be aware of when comparing Term Life and Whole Life:
- Term Life is temporary, lasting up to 30 years.
- Whole Life provides lifetime protection.
- Whole Life builds cash value inside the policy.
- You may be able to take a loan from your cash value with whole life.
- You may outlive the duration of your term insurance policy.
However, a whole life insurance policy can cost up to 5 to 10 times more than a term life insurance policy for the same amount of life insurance protection.
That's why it's important to know what goal you want your life insurance to accomplish, and how long you need your life insurance policy to last in order to accomplish your goal.
If you need life insurance for 30 years or less, then term life can help.
Learn more about the difference between term life versus whole life insurance.
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