When it comes to life insurance, there are two main types of policies: whole life and term life. Here we will compare and contrast the two policies so that you can make an informed decision about which one is right for you. We will also provide tips on how to choose a policy.
What is whole life insurance?
Whole life insurance is a type of policy that provides lifelong coverage. It is designed to provide financial security for your loved ones during your death. Whole life policies offer a variety of features, including cash value accumulation and tax-deferred growth. They are also relatively simple to understand and easy to apply.
What is term life insurance?
Term life insurance is a type of policy that provides coverage for a specific period, such as 10, 20, or 30 years. It is designed to provide financial security for your loved ones in the event of your death during that period. Term life policies are less expensive than whole life policies, but they do not offer the same level of coverage or benefits.
How do whole life and term life policies compare?
There are a few critical differences between whole life and term life policies:
- Whole life policies offer lifelong coverage, while term life policies only offer coverage for a specific period
- Whole life policies offer cash value accumulation and tax-deferred growth, while term life policies do not
- Whole life policies are generally more expensive than term life policies
If you have any questions about life insurance, give THINK Insurance & Financial Services a call today. We proudly serve the Pomona, CA area.