How does whole life and term life insurance work, what are the differences?
Whole life and term life are the two basic types of life insurance protection.
Whole life insurance provides you with lifetime life insurance coverage as long as you pay your life insurance premiums.
Whole life may build up cash value inside the policy over time, and you may be able to take a loan from this cash value.
Term life insurance provides temporary life insurance for a specific period of time. If you outlive the term, or duration, of your term life policy, your life insurance expires.
Term life insurance does not build cash value inside the policy, it is pure life insurance protection.
Term life insurance costs a lot less than whole life which means you can afford a larger amount of life insurance protection for your family, for up to 20 years, or until you reach age 65 or 70, usually.
Here's how you can learn more about whole versus term life insurance and compare free quotes online.
Whole life and term life are the two basic types of life insurance protection.
Whole life insurance provides you with lifetime life insurance coverage as long as you pay your life insurance premiums.
Whole life may build up cash value inside the policy over time, and you may be able to take a loan from this cash value.
Term life insurance provides temporary life insurance for a specific period of time. If you outlive the term, or duration, of your term life policy, your life insurance expires.
Term life insurance does not build cash value inside the policy, it is pure life insurance protection.
Term life insurance costs a lot less than whole life which means you can afford a larger amount of life insurance protection for your family, for up to 20 years, or until you reach age 65 or 70, usually.
Here's how you can learn more about whole versus term life insurance and compare free quotes online.
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