The policy’s duration, cash value accumulation, and cost are the primary distinctions between a term life insurance policy and a permanent insurance policy (such as whole or universal life insurance).
Depending on your requirements, you’ll need to make a decision. Consider these considerations.
Cost of Premiums Term life insurance is best for people who want a lot of coverage for a low price.
Whole life insurance policyholders have the security of knowing they are protected for the rest of their lives, despite paying higher premiums for less coverage.
People who buy term life insurance pay premiums for a longer period of time, but they don’t get anything in return unless they die before the term ends.
Additionally, premiums for term life insurance go up with age.
