Life insurance can be a flexible, powerful vehicle for providing financial security and leaving a legacy. Deciding whether to purchase whole life or term life insurance is a personal choice that should be based on the financial needs of your beneficiaries as well as your personal financial goals.
Term Life Insurance pays benefits only if you die while the term of the policy is in effect. Purchased for a specific time period from 1-30 years, (the “term”) is the easiest and most affordable life insurance to obtain.
Whole Life Insurance covers you for death benefits but also has a cash value that accumulates and grows during the life of the policy.