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Whole Life and Term Life Insurance Differences

Whole life insurance and term insurance are different in several key areas. First, whole life insurance is designed to cover you for your "whole life". Term life insurance is designed to cover you for a specific period of time.

The other major coverage difference is that whole life insurance carries an investment component. The idea is to pay more money into a whole life insurance policy and build up savings that you can use later. Term insurance has no investment component. You simply pay annually for the right to a medically qualified death benefit.

Most whole life insurance premiums are designed to stay the same over the life of the policy. Some are designed to disappear. On the other hand, annually renewable Term insurance goes up over time. Some term policies, called level term, stay the same for a contract stated period of time (this period is usually 5 to 10 years).

Many customers will ask which product is better. The answer isn’t that easy. Each situation is unique and requires review before a recommendation for life insurance coverage can be made. Be sure you talk to your agent about all the differences and get the type of life insurance appropriate for your situation.

You can request a life insurance quote at By filling out the quote request, you will be contacted by 3 licensed life insurance agent who will review your situation, answer any questions that you have and compete to win your business. Get started today.

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