What is the difference between whole life and term life insurance?

The most important thing is to make sure you have life insurance. Term life insurance is an insurance which provides coverage at a fixed rate of payments for a limited period of time. I would say that term life insurance is the most inexpensive way to purchase a death benefit on a coverage amount per premium dollar basis over a specific period of time.

Here is a direct quote about term life insurance found at en.wikipedia.org/wiki/Life_insurance#Who... “Term assurance provides life insurance coverage for a specified term of years in exchange for a specified premium. The policy does not accumulate cash value. Term is generally considered "pure" insurance, where the premium buys protection in the event of death and nothing else..” Here is a direct quote about whole life insurance found at on the same webpage “Whole life insurance provides for a level premium, and a cash value table included in the policy guaranteed by the company.

The primary advantages of whole life are guaranteed death benefits, guaranteed cash values, fixed and known annual premiums, and mortality and expense charges will not reduce the cash value shown in the policy. The primary disadvantages of whole life are premium inflexibility, and the internal rate of return in the policy may not be competitive with other savings alternatives. Also, the cash values are generally kept by the insurance company at the time of death, the death benefit only to the beneficiaries.

Riders are available that can allow one to increase the death benefit by paying additional premium. The death benefit can also be increased through the use of policy dividends. Dividends cannot be guaranteed and may be higher or lower than historical rates over time.

Premiums are much higher than term insurance in the short term, but cumulative premiums are roughly equal if policies are kept in force until average life expectancy. € Whole life insurance apparently is much more costly then Term Life insurance and is something to keep in mind when deciding which one to go with. To learn more about these two types of life insurance and which one is right for you and to find out about other forms of insurance you can go to the above url at wikipedia.

Hopefully this will be able to tell you which one of these life insurance policies is right for you.

You will get more for your buck with term insurance.

A term policy is life coverage only. Whole life insurance combines a term policy with an investment component.

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