Term vs. Whole Life Insurance; which one to choose

Cost and length are the main distinctions between term and whole life insurance.

term life is less expensive, whole life insurance is more expensive than term life.

Term life insurance is a straightforward process that pays out if you pass away during the coverage period, which can be 10, 20, or 30 years

Your beneficiaries will not receive any money if you outlive the period of your plan and it expires.

The death benefit and your insurance premiums are often guaranteed to remain the same for the duration of the policy.

whole life insurance is more expensive than term life insurance. This is due to the fact that the majority of insurance provides lifelong coverage that is payable upon death.

The cash value portion of whole life insurance is also present. The account is funded by a portion of your premiums, and it develops over time.

Once you've accumulated enough cash value, you can either sell the policy for cash or borrow money against the account.

term life insurance is affordable because it has no cash value and it is temporary

whole life insurance premiums are significantly higher because it has cash value

You should term life insurance if, You want insurance for a specific period of time you want the most affordable insurance don't want to use life insurance as an investment cycle

You should choose your whole life if, can afford higher premium coverage want to give financial support to your children after your death you want to give your children a guarantee of financial assistance