Term Life Versus Whole Life

Whole Life
  • Provides coverage for your entire life 
  • Builds cash and loan value 
  • Premiums never increase during your ownership of your whole life policy 
  • Whole life is generally more expensive than term life insurance because coverage lasts a lifetime

Term Life
  • Provides coverage for a limited time period
  • Usually less expensive than whole life insurance 
  • Policyholders typically pay increased premiums to continue coverage after initial term period