Term vs Whole Life Insurance

Term vs Whole Life Insurance 

I wanted to cover a couple of basic Life Insurance terms in this article. On almost a daily basis, people ask me “ Term vs Whole Life insurance what is the difference?”. Take a  moment to review my article you will have a better understanding of Term vs Whole Life insurance plans and the cost differences between them.

Term Life Insurance –  Is as you may have guessed, lasts for a predetermined contracted time. So a 10 year term life insurance plan will expire at the end of the 10 year term. There is no cash value and no life insurance coverage after the contracted period.

• Term Life Insurance rates are lower than all other types of life insurance plans. Let me put a caveat in here, a full, medically underwritten term life life insurance plan offers the best term life insurance rates. I place a lot of No Medical Exam Life insurance policies and these plans do offer very good rates but , at the end of the day , if you are willing to take an exam you will more than likely get better rates with a full medically underwritten plan.
• Term Life Insurance quotes – I offer the ability to run your own Term Life Insurance quotes without gathering any personal information until you are ready to apply. To compare rates with the various carriers, click HERE
• Best Term Life Insurance Companies – I work with over 60+ carriers that offer excellent rates on Term Life insurance. Each carrier has its own niche and , depending on your current health, lifestyle and needs one carrier may work better than another.

Whole Life Insurance – These plans are designed to last a person’s whole life, thus the term, whole life insurance. Because of this feature these plans will be more costly. If you are not purchasing a burial insurance plan ( see below), you should consider doing a full medically underwritten plan so you can get the best whole life insurance rates.

• Cash Value Life Insurance – Whole life insurance plans acquire cash value. The  policies that I offer carry this feature although the amount is generally small and are there to cover, perhaps,  a need to make a few premium payments . I do not offer investment grade whole life insurance plans nor do I  recommend you ever consider using life insurance as an investment.
• Burial Insurance – These are smaller whole life insurance plans designed to take care of final expense costs. They generally have face amounts of up to $30K.  I have several carriers that offer Burial Insurance plans. More popular names would be , AARP Life Insurance, Colonial Penn life insurance however, these companies have very high rates and you should certainly give me a call to compare rates.

• Whole Life Insurance Quotes – You can run Whole life insurance quotes HERE. If you are in need of Burial insurance then we would have to speak. There are many factors that can affect the cost of a burial insurance plan. Fill out the form to the left, or give me a call. My number is 512-963-5000.

Summary of Term vs Whole Life Insurance

I hope this brief article provided a simple overview of Term vs whole life insurance. There are many types of Term and Whole life plans that accommodate many needs such as Business / Key Man life insurance, Return of Premium Life insurance etc. Contact me today and let’s discuss your needs. I am an independent broker and not married to one or two carriers. This gives you the best opportunity to compare rates from different insurance carriers.

My number is 512-963-5000.