Term Life Vs Whole Life at Life

Term Life Vs Whole Life. When you're thinking about your family's finances, ensuring that your income is protected now and in the future is important. Advantages and disadvantages of term life and whole life.

In simpler terms, the policy is not worth anything unless the policy owner dies during the course of the term. Many people decide that a combination works best. Term life insurance is affordable and straightforward but doesn’t last for life, while whole life insurance doesn't expire, but is more expensive.

Pin on Bringing Life to Life Insurance

That’s the main difference between whole life and term life; Term life is “pure” insurance, whereas whole life adds a cash value component that you can tap during your lifetime. If you die during that time, the money goes to the person/people you select (ie. Whole life insurance has a death benefit, much like a term policy, but it never expires.