What's the difference between term and whole life insurance?

Term life insurance and whole life insurance are two very different approaches to providing a life insurance policy to your family in the event of your death.

  • Term Life Insurance: Pays out the face value of the life insurance policy to the beneficiary. It can be purchased for increments of time ranging between one year to 30 years, and is relatively cost-efficient to buy.
  • Whole Life Insurance: Mixes term life insurance with different investments such as stocks and bonds. You are also allowed to borrow against the cash value of your investment. Overall, whole life insurance is far more expensive than term.

Are you interested in finding out more information about term life insurance? Find an insurance company near you and make an appointment to explore your options.

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