Usually, people choose to buy whole life insurance coverage because they want to have life insurance protection for their entire lifetime.
Whole life insurance plans offer you lifetime coverage, and the chance to build cash value inside your life insurance policy - like an investment, over time. So, if you want coverage to provide money for your burial and final expenses, whole life insurance may be an option to consider.
However, if you are looking for life insurance protection to protect your family until they are grown, term life insurance usually offers much more life insurance protection for the money. But, term life insurance only provides coverage for up to 30 years, and it is not an investment, it is pure life insurance protection, which is why term life insurance is usually much cheaper in price than whole life insurance.
Here's an article that explains the advantages and disadvantages of term life insurance vs permanent life insurance.
Whole life insurance plans offer you lifetime coverage, and the chance to build cash value inside your life insurance policy - like an investment, over time. So, if you want coverage to provide money for your burial and final expenses, whole life insurance may be an option to consider.
However, if you are looking for life insurance protection to protect your family until they are grown, term life insurance usually offers much more life insurance protection for the money. But, term life insurance only provides coverage for up to 30 years, and it is not an investment, it is pure life insurance protection, which is why term life insurance is usually much cheaper in price than whole life insurance.
Here's an article that explains the advantages and disadvantages of term life insurance vs permanent life insurance.
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