What is Term Life Insurance?

Term life insurance offers the greatest coverage for the lowest initial price and is a great solution for people with temporary needs or a limited budget. As the name implies, term life insurance provides protection for a specific period of time and generally pays a benefit only if you die during the “term.” Term periods typically range from 10 years to 30 years, with 20 years being the most common term.

 

What is Whole Life Insurance?

A form of permanent life insurance, whole life insurance features guaranteed premiums, death benefits, and cash value. Whole life insurance policies also give you the potential to receive dividends, which can increase the value of the policy when the insured is living or provide an increased death benefit for your beneficiaries.