Whole Life vs Term Life
When you are thinking about your family’s finances, making sure that your income is protected now and in the future is important. Life insurance can help you do that. Whole and temporary life insurance are the most common types—and each has its benefits. Many people decide that a combination works best. Take a look at how temporary and whole life compare.
Whole Life Insurance
Temporary Life Insurance
The Basics
Guaranteed lifetime protection and access to cash value that’s guaranteed to grow.
Coverage for temporary needs with options that allow you to prepare for the future.
Length of Coverage
Guaranteed lifetime protection as long as your premiums are paid.
A set period of time, usually 10 to 20 years.
How you pay
Premiums are guaranteed never to increase, and there are options for how often and how long you pay—monthly, quarterly, or yearly.
Pay premiums for as long as your coverage lasts. With many policies, premiums are locked in for a set period, and may be less expensive than whole life premiums during that period.
Cash value and growth
Guaranteed cash value growth that can be accessed when needed and may increase through dividends, when paid. These benefits accrue tax deferred, allowing you to maximize your savings.
NONE
Life insurance benefits
Death benefits can be transferred to beneficiaries tax free.
Whole Life
Death benefits can be transferred to beneficiaries tax free.
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