Term life insurance is designed to provide death-benefit protection for a specified period when premiums are paid and policy conditions are met. Permanent life insurance, including whole life, is designed to remain in force longer and may include a cash-value component.
Term coverage is often simpler and may provide a larger initial death benefit for a given premium, while permanent coverage can involve higher premiums and more complex features. Costs and guarantees vary by product and insurer.
Consider the purpose of the coverage, how long you expect to need it, your budget and whether cash-value features are relevant to your goals. Review illustrations and policy documents carefully before purchasing.
Educational information only. Insurance products, requirements and policy terms vary. Verify current details with the insurer, a licensed professional or your state regulator.