Whole Life Or Term Life at Life

Whole Life Or Term Life. However, term life insurance is cheaper than whole life insurance. Even so, whole life insurance tends to have higher premiums than term life insurance.

With the money you save on this type of life insurance versus whole life insurance, most people can still invest in other things like mutual funds, real estate or the stock market and get as good or better rate of return than the investment in a whole life policy. Term life is “pure” insurance, whereas whole life adds a cash value component that you can tap during your lifetime. Term life insurance is a product active for a specific term (as long as you pay the premiums).

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Term life insurance is the right life insurance policy in most cases because it offers the same amount of death benefit as whole life insurance for a fraction of the price. If one’s needs is towards covering critical illness, especially for early stages, whole life is a more cost effective solution as compared to term. Term life insurance is a product active for a specific term (as long as you pay the premiums). Term life insurance is the right life insurance policy in most cases because it offers the same amount of death benefit as whole life insurance for a fraction of the price.