Looking to add Life Insurance, but confused with the whole life and term life policies? If you are struggling with getting the best life insurance policy for your needs, this article will help you better understand these two life insurance policies.

What Is Term Life Insurance?

Term life insurance lasts only for a certain period; after that, it becomes useless for you, and the insurance company does not cover your losses. Term insurance usually lasts for 10-30 years and is ideal for people who do not want to have a long-term life insurance policy. In term life insurance, you will only get limited coverage, and your beneficiary will be benefited if you die during the term policy date. However, if you die after completing the term insurance policy, none of your loss would be covered by the insurance company.

What do I do at the End of the Term?

If your term insurance policy ends and you still have a family to support or have debts to pay, you would need to consider adding another insurance policy.

Once the term end date arrives for your insurance policy, you would no longer be able to depend on death benefits. What you can do if you still feel the need for insurance, is to renew your insurance policy according to your current needs.

What Is Whole Life Insurance?

Unlike term life insurance, whole life insurance does not last for a specific period. Whether you live for a day or a decade after purchasing the policy, you would be covered by its benefits, and your beneficiaries would be able to receive death benefits. Also, you do not have to worry about your debts, as the whole life insurance will cover them as well.

What is Best for You; Term Life Or Whole Life?

After reading about the term life and whole life insurance, you must be confused as to which insurance policy would be more beneficial to you. Here we will be discussing some of the pros and cons of both policies that could ease your purchasing choices.

Term Insurance is much affordable with fewer restrictions than the Whole Life Insurance. In term insurance, the policy expires at the end of term, and you must buy a new policy if you still want coverage. Also, you do not have to pay high fees in the term insurance, and you have the option to cancel the policy anytime.

Whole Life Insurance is much more expensive, and that is the reason many people do not buy Whole Life Insurance or cancel early. Whole Life Insurance gives you lifetime coverage and helps you deal with high mortgages and debts.

If you are still confused about which insurance policy would be ideal for you. Get a free consultation call with professional agents at P&C Life Insurance. Our experts will patiently listen to your needs and will guide you in getting the insurance policy that ideally matches your requirements.