What's The Difference Between Term And Whole Life Insurance at Life

What's The Difference Between Term And Whole Life Insurance. In simpler terms, the policy is not worth anything unless the policy owner dies during the course of the term. Term life insurance is a product active for a specific term (as long as you pay the premiums).

This type of insurance is designed to keep you protected during. And here’s the key difference between term and whole life: Whole life insurance covers you for your entire life.

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Term life insurance protects you for a specific number of years known as a term while whole life insurance protects you for your whole life and has a cash value accompanying the coverage. When compared for the same coverage amount, whole life insurance typically costs around 3 to 4 times more than term life insurance. This type of insurance is designed to keep you protected during. In simpler terms, the policy is not worth anything unless the policy owner dies during the course of the term.