What is term life insurance?
It's a type of life insurance providing temporary coverage for a duration of up to thirty years.
Usually, you can choose a "Policy Term" for a period of 10, 15, 20, 25 or 30 years.
Term life does not build up cash value inside the policy, it is pure protection, providing only a death benefit, if you die while the policy is "In Force".
If you outlive the policy term, the insurance coverage ends with no payout of any benefits.
Whereas, whole life insurance lasts your entire lifetime, as long as you continue t pay your premiums on time.
Whole life builds some cash value inside the policy over time, and pays out a death benefit upon the insured's death.
However, whole life insurance can cost up to 5-10 times more than term life insurance.
Learn more about term vs. whole life insurance.
It's a type of life insurance providing temporary coverage for a duration of up to thirty years.
Usually, you can choose a "Policy Term" for a period of 10, 15, 20, 25 or 30 years.
Term life does not build up cash value inside the policy, it is pure protection, providing only a death benefit, if you die while the policy is "In Force".
If you outlive the policy term, the insurance coverage ends with no payout of any benefits.
Whereas, whole life insurance lasts your entire lifetime, as long as you continue t pay your premiums on time.
Whole life builds some cash value inside the policy over time, and pays out a death benefit upon the insured's death.
However, whole life insurance can cost up to 5-10 times more than term life insurance.
Learn more about term vs. whole life insurance.
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