Whole Life
Whole life insurance is a permanent policy that provides coverage for your entire life, as long as you keep paying premiums. It has two main benefits: Lifelong Coverage: Your beneficiaries will receive a death benefit whenever you pass away, no matter how old you are. Cash Value: A portion of your premiums is invested and grows over time, building cash value that you can borrow against or use in the future. Because of its long-term nature and cash value component, whole life insurance tends to have higher premiums than term life insurance.
Term Life
Term life insurance, on the other hand, offers coverage for a specific period, such as 10, 20, or 30 years. If you pass away during the term, your beneficiaries receive a death benefit. However, if you outlive the term, the coverage ends, and there’s no cash value. Term life insurance is typically much more affordable than whole life, making it a popular choice for people who need coverage for a set period, like while raising children or paying off a mortgage.
Which fits you best?
Whole Life: Lifetime coverage with a cash value, higher premiums. Term Life: Temporary coverage for a set period, no cash value, lower premiums.
SECURING THEIR FUTURE