Term life and whole life are two basic types of life insurance coverage.
A term life insurance policy is a type of temporary life insurance coverage offering protection for up to 40 years.
However, depending on your age, you may be able to choose coverage for a policy term (duration) lasting for 10, 15, 20, 25, 30, 35, or 40 years.
The longer your term, the higher your annual cost of insurance.
If you die during the policy term, the death benefit is paid to your beneficiary. If you outlive the policy term, the life insurance ends and there is no payout of benefits.
Whole life insurance is a type of permanent life insurance policy that provides lifetime protection, a death benefit, and builds some cash inside you8r policy over time.
Permanent life insurance usually costs up to 5-10 times more than term life coverage, because, if you keep paying your premiums on time, your life insurance remains In Force your entire life.
If you are on a budget, or need protection for 30 years or less, then term life may be a good option to consider.
Learn more about term life vs whole life insurance.
A term life insurance policy is a type of temporary life insurance coverage offering protection for up to 40 years.
However, depending on your age, you may be able to choose coverage for a policy term (duration) lasting for 10, 15, 20, 25, 30, 35, or 40 years.
The longer your term, the higher your annual cost of insurance.
If you die during the policy term, the death benefit is paid to your beneficiary. If you outlive the policy term, the life insurance ends and there is no payout of benefits.
Whole life insurance is a type of permanent life insurance policy that provides lifetime protection, a death benefit, and builds some cash inside you8r policy over time.
Permanent life insurance usually costs up to 5-10 times more than term life coverage, because, if you keep paying your premiums on time, your life insurance remains In Force your entire life.
If you are on a budget, or need protection for 30 years or less, then term life may be a good option to consider.
Learn more about term life vs whole life insurance.
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