That's understandable - None of us wants to spend more than we have to, especially if we are on a budget.
When it comes to life insurance, Term Life Insurance offers the lowest pricing for protection.
Whole Life usually costs up to 5 to 10 times more for the same amount of life insurance, compared to the cost of a Term Life insurance policy.
There's a few reasons for this.
- Term life is temporary, lasting for up to 30 years.
- Term life is Pure Protection, no investment feature.
- There is no cash value in a term life policy, there is only a death benefit.
And, you may outlive your life insurance protection with a term insurance policy.
However, if you need life insurance for a period of 30 years or less, then term life offers the cheapest protection by far.
Learn more about how a term life insurance policy works.