Term vs. Whole Life Insurance
Purchasing life insurance is one of the most important financial decisions you will ever make. When shopping around, be sure to compare the different types of life insurance policies, term vs whole life insurance, so you know which type suits your needs most accurately.
A level term life insurance policy is the most affordable
Term life insurance is considered a temporary policy. It only pays out in the event of death within a specified term. When purchasing a term life insurance policy, it is important to remember that there is no cash value. When considering this type of life insurance, make sure it is a "guaranteed level term" life insurance policy. This type of coverage has premiums that are designed to remain level for a period of 5, 10, 15, 20, 25 or even 30 years. Without a guarantee, life insurance companies can raise your rate without your knowledge.
Whole life insurance is more costly than term life insurance
There is an obvious difference between term and whole life insurance. Unlike term life insurance, whole life insurance allows the accumulation of cash value. This is an on-going benefit for you and your family. Whole life insurance allows the cash value to be used while living and is considered a permanent life insurance policy. When deciding what type of life insurance policy is best for you, remember that the premiums for whole life are usually much higher than term life insurance policies, but they remain constant during the lifetime of the insured.
Let us help you compare term vs. whole life insurance
If you do not have a life insurance policy, you should consider the peace of mind that you would gain from owning one. A life insurance policy will take care of your family financially in the event of an untimely death. Life insurance industry experts recommend purchasing a life insurance policy that is 10 to 20 times your annual salary. Visit our term life insurance calculator to get a custom calculation of how much term or whole life insurance will meet your needs.
AccuQuote will provide a free evaluation of your financial situation and help you determine the type, term vs whole life insurance, as well as the amount of term or whole life insurance that is best for your family. In addition, we will help you find the best life insurance policy at the lowest price, with savings up to 70 percent!
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