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Term vs Whole Life Insurance
Term vs Whole: Which is Best for Me?
Okay. You are trying to be financially responsible and are faced with the question: Term vs Whole: Which insurance do I need?" Thanks for allowing us to help you answer this question. Term and Whole life insurance are very different, so let's get started with the answers you came here for.
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Term vs Whole Life Insurance: A Comparison
Length of a Term Life Insurance Policy
A term life insurance policy is in force for a preset period of time. The policy term can be set for practically any length of time, from a couple of months (a "short term" life insurance policy) to as many as 100 years.
Cash Value of Term Life Insurance
Term life insurance is pure insurance, so does not build any cash value. Many people consider term life insurance like a bet you are making with the life insurance company that you will not live throughout the term of the insurance policy. If you pass before the end of the policy term, the insurance company loses.
Who Usually Buys Term Life Insurance?
Term life insurance is generally advised for people who want to provide a death benefit for their family, and who want to manage their own investments.
Length of Coverage for Whole Life Insurance
Whole life insurance is basically in force so long as premiums are paid. This means it is a permanent policy, and death benefits are paid to your selected beneficiaries if you pass any time during the policy period.
Cash Value of Whole Life Insurance
Whole life insurance premiums are larger than those with term life insurance policies. The excess portion of the premium is applied to a savings vehicle by the insurance company, and so builds value as you pay into it. Tax free loans can be made up to the amount of the death benefit of the policy, though never more than the cash value.
Who Usually Buys Whole Life Insurance?
Whole life insurance is usually best for people who want a savings plan as well as life insurance, but do not want the hassle of managing an investment portfolio.
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Main Differences Between Term and
Whole Life Insurance
Term life insurance is pure life insurance, where you pay a set premium for a specific time period (the term) and your heirs receive a death benefit in case you pass on during that time. Whole life insurance is permanent life insurance, which means the death benefit is paid so long as you keep your payments current. In addition, a portion of your premium is invested, for which you receive interest on your investments. (you can receive better interest with Universal Life Insurance)
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