TERM VS WHOLE

THANK YOU FOR CELEBRATING EVERY DAY WITH NATIONAL DAY CALENDAR®!

Term    

TERM LIFE

  • Pay premiums for 10-20-30 year terms
  • Easiest life insurance to purchase
  • Typically costs less than whole life insurance
  • Pays a flat amount
  • Is usually used to cover funeral costs and some basic financial obligations
  • Pays a benefit only if die during the term of coverage.
  • Coverage must be renewed to extend beyond term.
  • Used as temporary coverage in conjunction with a permanent or whole life insurance policy
  • Becomes more expensive as you age
  • Is often convertible to a whole life policy

WHOLE LIFE

  • Covers you for life
  • Usually includes a qualifying health exam
  • Provides death benefits as well as a cash value that builds throughout the life of the policy
  • More expensive than term life policy
  • Can borrow a portion of the cash value
  • The longer you own the policy, the more valuable it can be
  • The older you are when you start a policy, the higher the premiums can be
  • Used for long term needs of family and dependents after your death
  • Used for estate planning