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Whole Life Insurance vs. Term Insurance: The Winner in Your Book

Are you in the market for whole life insurance? Are you also considering a term policy? With pros and cons across the board, it’s important to keep one thing in mind:

You need to do what is best for you, your family, and your budget.

You can learn as much as you want about whole and term life insurance, but only you can make a final decision as to which coverage suits you best.

But how do I make a final decision? This is the question that many people ask. Fortunately, there are steps you can take to put yourself on the right track. Try the following:

  • List out your personal goals associated with purchasing life insurance.
  • Make a chart that displays the pros and cons of both types, based on your personal situation.
  • Request quotes and collects information.

Once you take these basic steps, one type of insurance will likely move to the front of the line. At that point, you can decide how to move forward. 

Compare Details to Find the Winner

Let’s face it: you cannot decide for or against any life insurance until you are familiar with each type’s pros and cons.

Informed consumers are those who are in a position to make a confident decision.

The primary benefit of term life insurance is the lower cost. When compared to a whole policy with the same coverage, term life insurance will always be cheaper.

There is a reason for this: a term policy will expire after a predetermined number of years. For example, you may decide to purchase a 15-year term policy at age 35. When you turn 50, however, your policy expires, and you are left with no coverage.

With whole life insurance, you are paying more for coverage. You are also guaranteed to have an active policy until the day you pass on, at which point your death benefit will be paid to your beneficiary.

Most people will need to have term insurance to have the appropriate coverage, but adding whole life insurance to the term insurance could greatly benefit if you can afford it.

Let’s pose a question: If you knew you would become un-insurable tomorrow, what coverage would you get?

Many experts that tell you not to buy whole life miss the point that locking in your insurability forever can be invaluable for someone in that situation. 

Other Benefits of Whole Life Insurance

Are you beginning to think that whole life insurance is the right choice? You may need another push in this direction, and here are some benefits that will do just that:

  • Premiums will remain the same for the policy’s life, making it easy to set a budget.
  • The opportunity for growth through dividends.
  • Your premium will not change, even as you age and your health changes.
  • Tax-deferred cash value growth.

When you compare these benefits of whole life insurance with the fact that you are buying coverage for life, it’s easy to see why so many individuals consider it the better of the two options. 

Questions to Answer

With all the information above, you should be closer than ever to deciding in favor of whole or term life insurance. But before you declare a final winner, here are some questions you need to answer:

  • How much coverage do you want to purchase at present?
  • Are you able to afford the level of coverage you are interested in?
  • Which life insurance companies have the best reputation for providing high-quality products and reliable customer service?
  • How many quotes have you received thus far?
  • What is the process for purchasing a policy when you are ready to finalize the transaction?

These are the types of questions you should answer as you compare whole life insurance and term life insurance. 


This is not a decision to take lightly. Purchasing life insurance is a big decision, and not just because it will impact your budget. This is something you purchase to make life easier on your family once you are gone.

Now, it’s time to answer this question once and for all: are you going to purchase whole life insurance or term life insurance? Or a little of both?

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