![]() Unlike term life policies, whole life insurance policies (also known as “permanent life insurance”) offer coverage for your entire life. There are many different ways you can use a life insurance payout, from paying off debt to funding household expenses. As a result, 20 years is one of the most popular term lengths available. After that, their kids are likelier to be self-sufficient. Typically, people have the highest need for life insurance during the first 20 years of their children’s lives. Term life insurance is sometimes called “pure life insurance” because the purpose of the policy is straightforward: It provides a death benefit to your beneficiaries if you were to pass away while the policy is active or “in force.” (There are reasons why some single people might want life insurance, too.) What's Term Life Insurance? It'll do so as long as your policy payments are up to date and you’ve met certain requirements that you agreed to when you purchased the policy (for example, answering all applications questions accurately).Īs you might imagine, one of the most common reasons to get life insurance is to help protect dependents like children. It says that if you pass away, the insurance company will pay a lump sum to the people you’ve designated as your “beneficiaries.” Life insurance is an agreement between you and an insurance company. Of course, if you want to cut through all the details for a simple guide on what might be right for you, we made a handy flowchart to help you figure out whether term or whole might be a better fit. That said, it’s important to understand some of their key attributes and the difference between term and whole life insurance to help enable you to make an informed decision. Term life insurance and whole life insurance are quite different, so we can't make a fair apples-to-apples comparison. It’s important to help make sure your family is protected if something happens to you, but it can be complicated-so doing your own homework is beneficial.Īnd the first step to doing your own homework is to understand the facts when it comes to term vs. Most of all, there’s this knowledge, this pressure: Another human depends on you. Whole Life Insurance: Which Is Right for Me?įrom the high cost of giving birth to the price of soccer uniforms, it’s nearly inevitable that your finances will change when you become a parent. How Can I Get Term Life Insurance Online? Whole Life Insurance: Factors to ConsiderĬonverting Term to Whole Life Insurance and Other Combo Approaches ![]() Why Some People Choose Term Life Insurance Why Some People Choose Whole Life Insurance What Is the Difference Between Term and Whole Life Insurance?
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