Most ads today are for term life insurance policies, but the traditional type of life insurance - whole life - is still around. Before you buy life insurance, make sure you understand the benefits of whole life!

• Whole life is permanent coverage, and it will not be terminated unless the premiums are unpaid, or the policy is not paid off.
• Premiums are level for the insured person’s life, regardless of age or health as they age.
• Whole life can build a cash value, so a policy owner can purchase coverage, but also build an asset they can borrow against or cash in.
• Senior citiens, or people with health conditions, are more likely to find whole life insurance. You can find lots of life insurance for people over 50.

Of course, for the same individual, units whole life will cost more than term life. But term life is, as the name implies, a temporary coverage solution. That may be the right product for you if that is what you need at this time. For instance, if you want to make sure a home can be paid off, you may want a 20 year term policy that expires when the mortgage should be paid off. However, if you want to make sure you have life insurance for the rest of your life, consider whole life.

For more information: Term Or Whole Life?

Related posts:

1. Universal Life Insurance Explained and Where To Get Universal Life Rates
2. What Is Universal Life Insurance
3. Term Life Insurance vs Whole Life Insurance vs Universal Life Insurance
4. Life Insurance Needs And Estimates
5. Buy Life Insurance Right — Ask Good Questions

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