Term life insurance costs a lot less than permanent life insurance if you need coverage for a period of 30 years or less.
Term life is temporary, providing short term coverage for 1 to 30 years at rates much lower per $1,000 of coverage compared to whole life insurance.
There are a couple of reasons term if less than whole life, including:
- Term is temporary coverage so many people may outlive the duration of their coverage with no payout of a death benefit.
- Term life is pure life insurance protection and does not build any cash value inside the policy.
However, whole life insurance provides you with life insurance that is guaranteed to last your entire lifetime as long as you keep paying your premiums.
So, if you are looking for the most affordable life insurance plan for a period of 30 years or less, then term life insurance will cost you less.
Compare term life rates online to find the most affordable plan from a highly-rated insurance company.