Term vs Whole Life Insurance

Quick overview:
term vs. whole life insurance

Here is a high-level overview of the differences between term and whole life insurance.

Best if:

You have bigger financial obligations that will go away eventually

Temporary coverage (10, 15, 20 or 30 years)

Lower premium that increases with renewals

No cash value

Few health questions

Best if:

You want lifetime protection for your beneficiaries

Permanent coverage as long as you pay premiums

Higher premium that does not increase once locked in

Builds cash value

Guaranteed acceptance

for modified whole life insurance

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