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Term Life Insurance
Term life insurance is inexpensive and simple. You pay premiums regularly and if you die during the policy term your beneficiaries receive a death benefit.
Terms are between 1-30 years and usually come in increments of 5 years. The policy expires after the term is over, You can cancel before it expires without losing any value.
Term insurance is ideal for most people: After 30 years, maybe your mortgage will be paid off and your kids have left home and you have cash saved and your death will not be as financially devastating to your family.
Whole Life Insurance
Whole life insurance (and all types of permanent life insurance) lasts for as long it’s paid. The benefit is indefinite coverage: If you find yourself 30 years into the policy and realize you still need coverage, you don’t have to worry about the policy expiring.
Whole life insurance is best for people with complex financial needs who can afford the higher premium cost.
Guaranteed Death Benefit
No matter what type of life insurance you choose, the life insurance company cannot alter the death benefit. The death benefit is usually untaxed, so your beneficiaries don’t have to worry about receiving less due to taxes.
It’s important to note if you take out a loan on your whole life insurance policy and die while the loan is out, the death benefit may be used to pay back the outstanding amount, meaning your beneficiaries won’t get the full amount.
Term life insurance doesn’t have a cash value. Whole life insurance has a guaranteed cash value, meaning it has a minimum growth rate. Whole life insurance is a conservative investment option and means you can likely find better returns with different investment vehicles.
All permanent whole life policies can be surrendered for their current cash value after a certain number of years, at which point the insurer pays the accumulated cash value minus any loans and fees.
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