There are several differences between a term life insurance policy and a whole life insurance policy.
Term insurance is temporary life insurance coverage lasting for a specific duration of up to 30 years, usually.
However, you may be able to choose a policy term of 10, 15, 20, 25 or 30 years, depending on your age and health.
Term life is only death benefit protection, it does not build any cash value.
Whereas, whole life insurance provides lifetime protection, a death benefit, and builds cash value inside the policy.
However, whole life insurance usually costs up to 5 to 10 times more than term life insurance, for the same amount of life insurance protection.
Learn more about the difference between term and whole life insurance coverage.
Term insurance is temporary life insurance coverage lasting for a specific duration of up to 30 years, usually.
However, you may be able to choose a policy term of 10, 15, 20, 25 or 30 years, depending on your age and health.
Term life is only death benefit protection, it does not build any cash value.
Whereas, whole life insurance provides lifetime protection, a death benefit, and builds cash value inside the policy.
However, whole life insurance usually costs up to 5 to 10 times more than term life insurance, for the same amount of life insurance protection.
Learn more about the difference between term and whole life insurance coverage.
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