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Whole vs Term Life Insurance

Life insurance agents will give you two basic plans. The plan that you choose will depend largely on your needs and wishes. For example, if you'd like to avoid any taxes that may burden your intended beneficiaries, you'll probably want a whole life insurance policy. If you want the lowest possible rate, though, you'll probably best be served by a term life insurance policy.

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Basics of whole life insurance vs term life insurance

  • Whole Life Insurance. is often used in estate planning and is generally for people who can afford much higher monthly premiums in exchange for the liquidity of the policy's assets (whole life policies allow you to invest, borrow, and withdraw from your policy's cash value). The downside is that premiums can often be 8-10 times higher than a term life insurance policy with equivalent coverage. The upside is that your premiums is usually flat and will not change over time.
  • Term Life Insurance. Term life is the least expensive form of insurance, and you'll find that it is probably the most convenient and least confusing. You can purchase various terms from 1-20 years. The most common is the annual term life insurance policy, which changes from year to year, but provides a flat payout in the event of your death. You may also purchase longer terms from 5-20 years. The longer the term, the more your monthly premium will be, but if you elect a longer term, you're also given n the benefit of a flat rate over time, as well guaranteed eligibility.

Weighing whole vs term life insurance costs

The main difference, which most people recognize immediately upon receiving whole and term life insurance quotes -- is that whole life insurance is much more expensive than term life insurance. In fact, InsureLane estimates that whole life insurance is five times as expensive as term life insurance on average.

However, whole life insurance, in exchange for its higher cost provides a bevvy of additional benefits, including a cash value account, investment opportunities, guaranteed rates, and indefinite coverage.

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