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How Would I Know Which to Choose? Whole Life vs. Term Insurance


It may be important to know which type of life insurance might best suit your needs. How might you know whether to choose a whole life vs term insurance policy? You may want to research and weigh the benefits of whole life insurance vs term life insurance according to what your own requirements could be.


Consider the cost of whole life vs term insurance. With whole life insurance, you may have to pay a policy continuously until you die. If money might be an issue, a low-cost term life insurance policy that may provide basic and necessary coverage may be a preferable choice for you.

You might want to consider the possible benefits of whole life vs term insurance. Term insurance may typically offer only death benefits. Certain carriers may offer policies that may include total permanent disability (TPD) as well. However, with whole life insurance, you may receive help for serious injuries such as loss of limb or a sense. Keep in mind that not all whole life insurance companies may provide such benefits. For further information, please see the article, “Advantages of Whole Life Insurance” .

You may want to weigh the convenience of whole life vs term life insurance. Term life insurance may be easier to purchase because you typically might not need a full medical exam or documentation from a licensed medical practitioner. You may simply need to confirm that you might be in good health. With a whole life policy, there may be more flexibility for payouts so more justification may be needed in order to qualify for this type of policy. The insurance company may check your health and confirm your beneficiaries and the percentage of the sum each beneficiary might be allotted to receive after you die. These may be a few things to consider when deciding whether to purchase whole life vs term insurance.

When it comes to simplicity, you may want to consider the ease of understanding whole life vs term insurance policies. The terms and conditions for benefits and claims under term life insurance may typically be easier to understand. To get free quotes on affordable life insurance, please fill out a simple form.

Once you buy an insurance policy, you may be able to later add a supplement to the basic insurance with a whole life insurance policy. However, as noted, this may typically be a more complicated plan that may take additional time to understand. For more information about types of coverage, please see life insurance cover .