What is the benefit of whole life insurance? And why do those cost much, much more?
I'm looking at probably $500,000 of life insurance I want to buy. That's way more then ten times the amount I earn in a year.
The difference between a 10 year term and a 20 year term, is how long the policy is "guaranteed" to renew, meaning you will have life insurance protection for that period of time.
Whole life insurance policies, the main benefit is that your rate is locked in, for your entire life. It costs more, because the rate is locked in your entire life, and you have lifetime coverage.
The best life insurance for you depends on your personal situation, and your life insurance needs and goals.
See, life insurance is a death planning tool. What exactly do you want it to pay for? For how long? Consider why you need the life insurance, for how many years, what you can afford, and how much life insurance you need.
Here's how you can learn more about term life insurance vs permanent life insurance and compare rates and plans.