Which Is Better Term Life Or Whole Life Insurance at Life

Which Is Better Term Life Or Whole Life Insurance. While term life insurance may not necessarily be “better” than whole life insurance, term is definitely the right choice of coverage in most situations. Term life insurance is usually more affordable because it has a set expiration date⁴.

Term life insurance is more straightforward, flexible, and affordable than whole life insurance, making it a better option for most people. With term life insurance, you pay premiums, but build up no cash value in the policy. Term life is “pure” insurance, whereas whole life adds a cash value component that you can tap during your lifetime.

How to Update Your Insurance When You Get Married

Ad term life insurance at your pace. Whole life plans are generally more expensive than term life. People who have a tight budget usually consider term life insurance because the premiums may not be as expensive as the whole life insurance premiums. Term life insurance offers no cash value and it’s possible you could outlive the policy.