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What is the difference between whole and term life insurance?


Is the amount of time each insurance policy lasts the only difference or are there others? Does age play a role in determining which one is the best type of life insurance for me and my family?

 

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LandmarkWealth says

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5 years ago
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    LandmarkWealth 5 years ago

    Also consider the permanent insurance as a Long Term care substitute Many new policies will offer a rider that will draw against the death benefit for LTC Coverage whereas something is guaranteed. With ordinary LTC policies your prem is simply lost.


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darryhub says

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4 years ago
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Jim and Beyond says

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5 years ago
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    Kristin Trapp (ktrapp) 5 years ago

    So then it sounds like term life insurance might be good to have if you have a family dependent on your income.


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dennis.cherenkov says

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5 years ago
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    Tim (Morgaren) 5 years ago

    You make the assumption that every financial plan will work out for everyone. Life insurance isn't a savings vehicle, it is a preventative measure to ensure your savings vehicles can grow without interruption.


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Tim (Morgaren) says

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5 years ago
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    Kristin Trapp (ktrapp) 5 years ago

    Your examples of how the cost of term insurance changes as we age, etc. are very helpful, especially when comparing term life insurance to whole life insurance.


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syetman says

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4 years ago
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