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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
