Life Insurances - Term Insurance or Whole Life Insurance?

Term life insurance or term insurance provides coverage for a specific period of time, or "term", at a fixed cost. After the time period ("term") expires then coverage ends. As long as the premiums are paid the coverage stays in effect for the specific term. If the insured dies during the term, the death benefit will be paid to a beneficiary. Term insurance is often the most inexpensive way to purchase a substantial amount of coverage.
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Whole life insurance or whole life coverage is life insurance that unlike term insurance continues for the entire life of the insured provided the premium payments continue to be made. Typically, unlike term insurance, the premium payments are not fixed for the entire life of the policy and will increase over time. However, some policies do offer fixed premiums as well as fixed premiums for specific periods of time.

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Whole Life Insurance Quotes:

Term vs. Whole Life:

- Term insurance costs less.
- Term insurance is for a specific period of time.
- Whole life can last your entire life.
- Whole life can build cash value.
- Whole life can provide guaranteed renewals.

The best solution is to determine your target coverage amount, get quotes for each type of insurance, compare the two and see which type makes the most sense for your personal needs.

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