Term Life Insurance
Offers individual life insurance protection for a specified number of years (i.e. term). This type of insurance is usually less expensive than permanent insurance with the same face value, however term insurance does not accumulate cash value.
Whole Life Insurance
Sometimes called permanent life insurance, coverage remains in effect until the policyholder’s death as long as the premium payments are made, unless the policy lapses or is surrendered. Most permanent life insurance policies also have some type of savings component that can build cash value over the life of the policy.
| Feature | Term Life Insurance | Permanent Life Insurance |
|---|---|---|
| Tax-Free Death Benefit | ||
| Lower Premium | ||
| Access to Cash Value | ||
| Guaranteed Minimum Interest Rate | ||
| Market Participation | ||
| Tax Advantages | ||
| Flexible Premium Payments |
Varies on the type of permanent life insurance.
Depends on the type of permanent life insurance. Not all permanent insurance participates in the stock market or index funds.
Whole Life Insurance does not allow for flexible premium payments. Subject to certain limitations, premiums may be increased, decreased, skipped, or stopped on other types of permanent life insurance policies, such as universal life insurance. However, the risk of a policy lapsing increases if regular premium payments are not made.
When working with an agent to assess your life insurance needs, consider these questions and answer them honestly:
- How much long- and/or short-term debt do you have?
- What are your long-term goals?
- How much of the insured's income will be needed and for how long (how many years)?
- How much do you want to set aside for funeral costs and/or an emergency fund?
- What assets do you have that may be able to cover these costs?
Make sure to meet with an experienced life insurance agent for a thorough evaluation of your needs to ensure you obtain the right type and amount of life insurance coverage.
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