Whole Life And Term Life Insurance

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Term life insurance is affordable and lasts a specific period of time. Whole life is more expensive and builds cash value, but isn't as good as other investments. A whole life insurance policy is not dictated by predetermined deadlines. A term life insurance policy, on the other hand, involves coverage between a specific period.

The difference between term vs. Whole life insurance is that term offers insurance for a period of time (often 20 to 30 years) while whole life provides permanent insurance. Whole life insurance is the most common type of permanent life insurance and costs more than term life. This is because most policies offer coverage that’s designed to last. Compare term life insurance quotes. And here’s the key difference between whole life vs. Term life plans are much more affordable than whole life insurance. The main difference between term and whole life insurance is that term life is temporary, while whole life is permanent. Term life insurance helps provide simple protection.