What are differences between term and whole life insurance policies?

Term life insurance is the most basic type of life insurance, and it only pays if the insured dies during the term of the policy. Whole life insurance, also known as permanent life insurance, pays benefits whenever the insured dies, whether it is ten days or ten years from the date of purchase of the policy.

Each type of life insurance has benefits, and each type can be a good choice for an individual depending on many specific factors. In addition, there are different sub-types of both term life insurance and whole life insurance, which can further complicate the choice.

Read more: Term vs. Whole Life Insurance

Are you considering purchasing a life insurance policy? Compare life insurance quotes now or visit our life insurance tips and advice center for answers to questions that may arise in the research process. And be sure to try out our life insurance calculator for help estimating how much life insurance you may need.

Posted in Insurance, Personal Finance

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