Insurance Policy – Term Life vs. Whole Life

Since there are so many types of insurance policy, here we will show you the difference between term life and whole life insurance plan. Life insurance, on the other hand, is one of those main insurance coverages offered by insurance companies. Some people consider that this type of insurance is a necessity yet a must-have possession. On the other hand, other people choose to not apply for the plan.

The core difference between term life and whole life insurance

In a nutshell, both term life and whole life insurance are the same. They even have the same “mother” in this insurance world. Both policies also allow you to leave money for loved ones after you pass away.

Specifically, term life and whole life insurance policies have a difference. Whole life insurance costs a little more but comes with a higher cash value. It will stay in force as long as you pay the premium. On the other hand, term life insurance is a temporary policy. It costs lower than the whole life insurance and yet it comes with an expiration date.

Which one should I buy? Should I buy both?

Knowing the difference between both plans would allow you to choose the most benefiting one. The insurance policy of term life insurance is a good idea to maintain your loved ones’ financial stability in case you unexpectedly pass away. On the other hand, whole life insurance will cover anything as well as final expenses and burial costs. Both can work together though.

However, when your term life policy comes to the end of the term, the coverage is ended as well. you can apply for one year up to 30 years. You need to reapply or convert your policy to a whole life plan before you get to the end of the term.

Whole life insurance – is it worth my dollar?

We will remind you that whole life insurance builds cash values. It also provides stability and won’t charge you with the hassle. The coverage will remain on as long as you pay the premiums. Also, the premiums remain the same. You don’t need to reapply which makes the premium remains the same even though new health issues may appear. If you are looking for stability, whole life insurance would be what you need. On the other hand, if you want to pay lower premiums for a temporary period, the term life insurance policy might suit you more.

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