Term life insurance is temporary, covering you for a fixed period of time, while whole life usually lasts a lifetime. Learn more now.
Term life has a fixed term, while permanent life is lifelong, often until age 121. Discover which suits you in our guide on term vs. permanent life insurance.
What is the cost of term life vs. whole life insurance? Whole life is significantly more expensive than term life. A 30-year-old who doesn’t smoke can expect to pay $21 per month ($249 per year) for a 20-year term life policy with a $500,000 payout, but $440 per month ($5...
Universal Life Insurance:These flexible policies allow you to update policy premiums and benefits over the years. They can be structured so that you overfund your policy (pay more than the minimum monthly fees required) earlier in life to raise the cash value up front, and offset the cost of...
Term life insurance is basic coverage, similar toother insurance you purchasein which you pay a monthly premium for a stated benefit, for a specified period of time (the term). Costs will vary based on the age and health of the insured individual, but term life insurance is considerably les...
Compare Term, Whole, and Universal Life Insurance Term Life vs. Whole Life Term Life Insurance Whole Life Insurance Tends to be less expensive than permanent life insurance Can be converted to whole life insurance The policy can last until death It can provide guaranteed cash value Coverage is ...
Level vs. decreasing term:With a level term policy, you pay a consistent premium and maintain the same death benefit throughout the term. This is the most common type of term life insurance. Adecreasing term policy, on the other hand, features a death benefit that decreases over time, ofte...
Term life insurance is an insurance product that offers a death benefit for the covered party if they pass away during the specified time frame. Since there is an end date for term life insurance, it is generally less expensive than permanent forms of coverage such as universal and whole life...
Term Life Insurance vs. Permanent Life Insurance The main differences between a term life insurance policy and a permanent insurance policy (such as whole life or universal life insurance) are the duration of the policy, the accumulation of cash value, and the cost. The right choice for you ...
Permanent life insurance refers to coverage that never expires, unlike term life insurance, and combines a death benefit with a savings component.