Term vs. whole life insurance
Term covers a set number of years for the lowest price. Whole life lasts your whole life and builds cash value, but costs much more. Most families do best with term.
Term life
You pick a length, usually 10, 20, or 30 years. If you pass away in that window, your family gets the payout. The price stays level the whole time.
Whole life
Coverage never ends as long as you pay. Part of each payment builds cash value you can borrow against. It often costs 5 to 15 times more than term for the same amount.
How to choose
If you need to cover a mortgage, income, or kids until they are grown, term is usually the right tool. Permanent coverage makes sense for lifelong needs like final expenses or estate plans.
General information, not insurance, tax, or legal advice. Coverage subject to underwriting approval.