{"id":10558,"date":"2022-04-18T14:13:25","date_gmt":"2022-04-18T14:13:25","guid":{"rendered":"https:\/\/evergreenprotect.com\/?p=10558"},"modified":"2022-04-18T14:13:25","modified_gmt":"2022-04-18T14:13:25","slug":"whole-life-insurance-vs-term-life-insurance-whats-best-for-you","status":"publish","type":"post","link":"https:\/\/evergreenprotect.com\/tips\/whole-life-insurance-vs-term-life-insurance-whats-best-for-you\/","title":{"rendered":"Whole Life Insurance Vs. Term Life Insurance? What&#8217;s Best For You?"},"content":{"rendered":"<p>You have two main options when choosing life insurance coverage: term life and whole life policy. But which one is the best for me? Here, we&#8217;ll briefly examine the differences between term life and whole life policy.<\/p>\n<p><strong>What Is Term Life Insurance?<\/strong><br \/>\nTerm life insurance is a type of policy that covers a specific time. If you get a 30-year policy, you&#8217;re covered for that 30-year term. Your beneficiaries will get a payment if you die during your coverage.<\/p>\n<p><strong>What Is Whole Life Insurance?<\/strong><br \/>\nThis policy covers your whole life. Whole life policies are more expensive than term life insurance because they serve as an investment account and build cash value.<\/p>\n<p style=\"text-align: center\"><strong>Pros and cons<\/strong><\/p>\n<p><strong>Term life insurance<\/strong><\/p>\n<p><strong>Pros<\/strong><\/p>\n<ul>\n<li>No hidden fees, or investment risk<\/li>\n<li>Less expensive premiums<\/li>\n<li>Can cancel the policy without any penalty<\/li>\n<\/ul>\n<p><strong>Cons<\/strong><\/p>\n<ul>\n<li>You have to get another new life insurance policy when coverage expires<\/li>\n<\/ul>\n<p><strong>Whole life insurance<\/strong><\/p>\n<p><strong>Pros<\/strong><\/p>\n<ul>\n<li>Can be helpful in estate planning<\/li>\n<li>Coverage doesn&#8217;t expire<\/li>\n<\/ul>\n<p><strong>Cons<\/strong><\/p>\n<ul>\n<li>Penalties apply if you cancel coverage<\/li>\n<li>Offer higher interest rates<\/li>\n<li>Higher premium rate<\/li>\n<\/ul>\n<p><strong>What Option Is Best For You?<\/strong><\/p>\n<p>Your financial needs will determine whether you need whole life or term life insurance policy. Whole life insurance may be right if you have long-term dependents or you want to build cash value, and a term life insurance policy may be right for you if you&#8217;re looking for an inexpensive way to leave a death benefit behind.<\/p>\n<p>If you&#8217;re still unsure, you can get in touch with a life insurance expert to help you compare and decide which type of life insurance policy is right for you.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You have two main options when choosing life insurance coverage: term life and whole life policy. But which one is the best for me? Here, we&#8217;ll briefly examine the differences between term life and whole life policy. What Is Term Life Insurance? Term life insurance is a type of policy that covers a specific time. [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":10559,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/evergreenprotect.com\/wp-json\/wp\/v2\/posts\/10558"}],"collection":[{"href":"https:\/\/evergreenprotect.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/evergreenprotect.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/evergreenprotect.com\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/evergreenprotect.com\/wp-json\/wp\/v2\/comments?post=10558"}],"version-history":[{"count":0,"href":"https:\/\/evergreenprotect.com\/wp-json\/wp\/v2\/posts\/10558\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/evergreenprotect.com\/wp-json\/wp\/v2\/media\/10559"}],"wp:attachment":[{"href":"https:\/\/evergreenprotect.com\/wp-json\/wp\/v2\/media?parent=10558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/evergreenprotect.com\/wp-json\/wp\/v2\/categories?post=10558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/evergreenprotect.com\/wp-json\/wp\/v2\/tags?post=10558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}