More Than A Number

What’s the difference between these two plans? Coverage length and price, namely. Term life insurance, like the name suggests, is good for only a limited period of time—the relevant term. It does not accrue cash value. Whole life insurance, on the other hand, can provide lifetime protection but requires ongoing premiums. Generally, people prefer cheap term life insurance because the premiums are lower and allow policy “riders” such as spouses and children. If you are between the ages of 20 and 50 and/or have a large number of dependents, this might be a good option. However, low cost term life insurance does have its limitations. It does not provide the kind of life-long security that comes with whole life insurance. Regardless of how long you live, whole life insurance policies remain in effect. They also build up cash value, which can come in handy if you later decide you don’t need the policy. Most allow “riders,” too, but the tradeoff with whole life policies is higher premiums. To find affordable term and whole life policies, request a free quote from TermAssistant.com.