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- Term life insurance provides protection for a specific period, usually one to 30 years, and pays a benefit only if you die during that term. It is particularly useful covering financial needs that will disappear in time, such as a mortgage.
- Whole life insurance provides lifelong protection, guaranteeing that a death benefit will be paid, as long as you pay the premiums.
- Most whole life policies have a cash value, which is not the same as the policy's face amount. The cash value will be received if the policy is surrendered or can be borrowed against with few restrictions.
- Universal life will allow you to reduce or increase the death benefit more easily than a whole life policy.
- Your age, state of health and personal habits impact the cost of your life insurance policy.
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