Term life insurance is much cheaper than whole life insurance protection.
Term life costs less than whole life insurance because term life insurance:
1. Is temporary life insurance for a set number of years.
2. Does not build up any cash value inside the life insurance policy, it is Pure Life Insurance Protection, not an investment.
Whereas, whole life insurance provides you with lifetime protection and may build up some cash value inside the life insurance policy over time, from which you may be able to take a loan.
Term life insurance offers you up to 30 years of life insurance coverage at much lower rates than whole life insurance. Rates for term life are lower, especially the younger you are when you buy your life insurance policy.
Learn more about how term life insurance works and compare rates online.
Term life costs less than whole life insurance because term life insurance:
1. Is temporary life insurance for a set number of years.
2. Does not build up any cash value inside the life insurance policy, it is Pure Life Insurance Protection, not an investment.
Whereas, whole life insurance provides you with lifetime protection and may build up some cash value inside the life insurance policy over time, from which you may be able to take a loan.
Term life insurance offers you up to 30 years of life insurance coverage at much lower rates than whole life insurance. Rates for term life are lower, especially the younger you are when you buy your life insurance policy.
Learn more about how term life insurance works and compare rates online.
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