By regular, you may mean Whole life insurance, or universal life, those are real insurance words.
The basic two differences between term life insurance and whole life insurance, are:
1. the cost (term life is WAY cheaper) and
2. the length of time the premium is locked in (whole life, it's locked in at that price for your whole life)
Whereas whole life insurance provides lifetime coverage, and may build cash value inside the policy, in addition to the death benefit; term life insurance is temporary coverage for up to 30 years, and has no cash value inside the policy. That's why term life insurance usually costs a lot less than whole life insurance.
That's why, if you need the most life insurance coverage for 30 years or less, you may want to consider a 10, 15, 20 or 30 year term life insurance policy. But, if you need lifetime coverage, whole life insurance may be an option to consider. Learn more about the advantage of term life insurance.
The basic two differences between term life insurance and whole life insurance, are:
1. the cost (term life is WAY cheaper) and
2. the length of time the premium is locked in (whole life, it's locked in at that price for your whole life)
Whereas whole life insurance provides lifetime coverage, and may build cash value inside the policy, in addition to the death benefit; term life insurance is temporary coverage for up to 30 years, and has no cash value inside the policy. That's why term life insurance usually costs a lot less than whole life insurance.
That's why, if you need the most life insurance coverage for 30 years or less, you may want to consider a 10, 15, 20 or 30 year term life insurance policy. But, if you need lifetime coverage, whole life insurance may be an option to consider. Learn more about the advantage of term life insurance.
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