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Whole vs. Term Life Insurance Policy
Whole life vs. term life insurance: the dilemma
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When it comes to buying a life insurance coverage policy, most people are in a dilemma. They are not sure whether they should go for a term policy or a whole life policy. If you are one of those people, this article can help you a lot. In this article, we are going to take a look at the pros and cons of term life insurance and whole life insurance policies.
Whole life vs. term life insurance: the specifics
Term life insurance
This type of life insurance, as the name suggests, is meant only for a specific time period and offers only death benefits. The policy usually has a face value: the amount you insure yourself for. If you die, your beneficiaries get that amount. For example, if you insure yourself for $300,000 over a period of 20 years, you should keep paying the premium for 20 years. If you die within the 20-year period, your family will get $300,000.
The biggest downside of term life insurance is that if you happen to live past the length of the policy, you will not get your money back. At that time, if you think you still need insurance, you have to renew the same policy or go for a different policy. When it comes to the whole life vs. term life insurance coverage debate, this is something that most people consider a downside of term policies.
Whole life coverage
This policy, as the name indicates, is meant for your whole life. In this policy, the premium you pay serves two different purposes. A part of it is taken for your life coverage and the rest is put in a savings account that pays interest. The amount in the cash account keeps increasing as you keep paying the premium. You can withdraw the dividends from the account any time you want. If you die, your beneficiaries will get the face value of the policy. If you continue to live, you will get the amount in your savings account. This is something you need to remember when it comes to the whole life vs. term life insurance debate.
Whole life insurance policies are usually costlier than term life coverage policies. This is considered the downside of whole life policies. Moreover, the interest you get is very low. So, some people think that it cannot be considered a profitable investment.
There you have it people. I hope you found the article informative. Now that you have a basic idea of the pros and cons of whole life vs. term life insurance policies, you can choose the right insurance policy based on your needs and budget.
For more see Whole Life vs. Term Life Insurance Policy: Which is the Better Choice for You?.
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