Term Life Insurance is a type of life insurance that provides coverage for a specific period, known as the term. It offers pure death benefit protection without any cash value accumulation. If the insured individual passes away during the term of the policy, the beneficiaries receive the death benefit payout.
Here are some factors to consider:
Whole life insurance offers lifetime coverage, ensuring that your beneficiaries will receive the death benefit payout regardless of when you pass away, as long as premiums are paid. Whole life insurance policies typically have fixed premiums that remain level for the duration of the policy.
Whole life insurance policies accumulate cash value over time, which grows at a guaranteed rate of interest set by the insurance company. The cash value can be used to supplement retirement income or fund educational expenses. This provides predictability in budgeting for insurance expenses.
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