Flavors of Life Insurance

Life insurance is commonly available in two basic varieties: term life insurance and whole life insurance. Although both kinds provide financial security for your family by paying out death benefits to designated survivors, they differ significantly with regard to period of coverage and accrued cash value.

Term Life

Term life insurance policies provide coverage for a limited number of years—usually between five and 20—during which the monthly premiums and death benefit payout remain fixed. Should the insured die within the coverage period, his or her beneficiaries will receive the full benefit amount as long as all premium payments are up to date. If the insured survives the term life insurance coverage period, the policy simply expires without having accrued any cash value or equity.

Whole Life

Whole life insurance provides coverage for the insured party's entire lifetime or until the policy is cashed in. Depending on the specific type of whole life insurance selected (Universal, Permanent, Graded Premium, Variable), the premiums and coverage amounts may be periodically adjusted to fit changing needs. Because these policies accrue cash value via premium payments and compound interest, they are often purchased as investment vehicles by people who wish to build a tax-deferred nest egg for retirement.

Get a Quote

If you're ready to look at some numbers, feel free to use the tools on our website to get an instant online quote from the most reputable companies in the industry. We're confident that you'll be able to find a term life insurance or whole life insurance policy that provides the right amount of coverage for your family at the right cost.