Affordable Life Insurance Protection for Your Family

Term Life Better Than Whole Life?

Is Term Life Insurance Better Than Whole Life Insurance?


If you are shopping for a life insurance policy you may be wondering which plan is right for me.


Actually, you’ll want to first learn about the two basic types of life insurance policies: Term Life and Whole Life.


Term Life Insurance


Term life insurance is a type of temporary life insurance plan that provides coverage for a period of up to 30 years.


If you outlive the duration of your policy, the coverage ends, with no payout of any benefits.


If you die during the policy term (while the coverage is In Force), the death benefit is paid out to your beneficiary.


Term life is the cheapest type of life insurance you can buy because it is Pure Protection, providing only a death benefit, no cash value inside the policy.


Term life is good if you need life insurance for a period of 30 years or less.


Whole Life Insurance


Whole life insurance is a type of permanent life insurance that provides protection for your entire lifetime, as long as you pay your premiums.


Whole life provides a death benefit pay out upon your death, and it builds some cash value inside the policy over time from which you may take a loan, if needed.


Whole life is a good option if you need life insurance that will provide a death benefit no matter how long you live.


However, whole life usually costs up to 5-10 times more than the same amount of term life insurance coverage.


Reasons Term Life Is Better


  • On A Budget
  • Need Maximum Amount Of  Protection
  • Need Coverage For 30 Years Or Less


Reasons Whole Life Is Better


  • Need Protection Guaranteed to Last Entire Lifetime
  • Budget Is Not An Issue



OVERVIEW: If you need affordable life insurance for a duration of 30 years or less, then term life insurance may be right for you. If you need guaranteed lifetime protection and your budget can afford it, then whole life insurance may be right for you.


NOTE: Term life insurance policies usually offer convertibility, which means you may be able to convert part or all of your term life coverage into permanent life insurance by a specific date stated in your term policy.


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Term Life Better Than Whole Life?

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