How does whole life insurance compare to term insurance?
Whole life insurance provides you with lifetime protection and builds up some cash value inside your policy from which you may take a loan.
Whole life usually costs about 5 to 10 times more than the same amount of term life insurance.
Term life is temporary coverage lasting for a specific period of time, usually up to 30 years.
You may be able to choose a policy term (duration) of 10, 15, 20, 25 or 30 years to meet your specific life insurance needs.
The longer your term life policy "term", the higher your cost of insurance.
Term life provides a death benefit, but does not build cash value inside the policy.
Term life is pure protection, not an investment.
Learn more about whole life versus term life insurance policies.
Whole life insurance provides you with lifetime protection and builds up some cash value inside your policy from which you may take a loan.
Whole life usually costs about 5 to 10 times more than the same amount of term life insurance.
Term life is temporary coverage lasting for a specific period of time, usually up to 30 years.
You may be able to choose a policy term (duration) of 10, 15, 20, 25 or 30 years to meet your specific life insurance needs.
The longer your term life policy "term", the higher your cost of insurance.
Term life provides a death benefit, but does not build cash value inside the policy.
Term life is pure protection, not an investment.
Learn more about whole life versus term life insurance policies.
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