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What is the difference between Whole Life and Term Life?

Whole Life Insurance Term Life Insurance
Coverage Period Lifetime Coverage Preset coverage period, typically 10, 15, 20 or 30 years
Premiums Premium amount is set for the lifetime of the insured Premium amount is guaranteed for the policy term selected
Cash Value Many policies generate a cash value which can be utilized during the lifetime of the insured Cash values are not available
Flexibility Can’t be amended if your coverage needs change When your coverage needs adjust, your coverage amount or term length can too.

Life Insurance FAQs

Term life insurance is the most affordable way to protect your family's financial security if something happens to you. It replaces your income and helps ensure that the ones who depend on you can support themselves in your absence.

Term Life insurance provides coverage for a specific period of time. Because you only pay for the coverage for as long as you need it, term insurance is considered more affordable than whole life insurance.

You can purchase term life insurance for 10, 15, 20 or 30 years. As long as you pay your premiums on time, your policy will remain active. If something happens to you while the policy is active, your beneficiary will receive a death benefit for the amount of the policy.