Term life insurance coverage is almost always cheaper than whole life insurance over the short term.
However, over the course of one's lifetime, if the insured keeps purchasing a new term life insurance policy when the old one ends, they may find that the cost of whole life insurance (locked in at a low rate while the insured is young and in good health) could beat the cumulative term life policy prices.
One time when whole life insurance prices can actually start out better than term life is for people with serious health conditions. Sometimes getting a simplified issue whole life insurance policy is the safest and cheapest way to go if you have a serious health problem.
However, if you need life insurance for a period of 30 years or less, then a term life insurance policy will almost always be the cheapest way to go.
However, over the course of one's lifetime, if the insured keeps purchasing a new term life insurance policy when the old one ends, they may find that the cost of whole life insurance (locked in at a low rate while the insured is young and in good health) could beat the cumulative term life policy prices.
One time when whole life insurance prices can actually start out better than term life is for people with serious health conditions. Sometimes getting a simplified issue whole life insurance policy is the safest and cheapest way to go if you have a serious health problem.
However, if you need life insurance for a period of 30 years or less, then a term life insurance policy will almost always be the cheapest way to go.
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