Having life insurance is important, but it can be difficult to find the right type of policy.
Not all life insurance coverage is the same, and it's important to determine which type of life insurance policy is the best fit for you and your loved ones.
Some life insurance plans provide only a death benefit for the protection of the family, while other life insurance plans also provide an element of investment that builds cash value inside the policy over the years.
Term life insurance, for example, provides pure life insurance protection - just a death benefit, payable upon the death of the insurance policyholder.
Whole life insurance , on the other hand, provides an investment element as well as a death benefit.
In addition, term life costs a lot less than whole life because it provides temporary coverage for a period of 10, 15, 20 or 30 years; whereas, whole life provides lifetime protection.
Here's how you can compare whole life versus term life insurance