What is the difference between Whole Life and Term Life Insurance?
Great question…here’s a short answer to a longer discussion.
Whole Life Insurance provides permanent protection from the date the policy is issued to the date of the insured’s death. As long as all premiums are paid, it will be considered in good standing and paid out. Premiums are set remain level for the policy’s life.
Unlike term insurance, whole life combines insurance protection and savings or cash value which accumulates over time. The cash value may provide a source for living benefits, such as helping pay off a mortgage, maybe a child’s education, or even cash surrender value if the policy is ever cancelled.
Call us today to find out how this could be a great option for you.
