What is the Difference Between Term Life and Whole Life Insurance?
- What is term life insurance?
- What is whole life insurance?
- How term life and whole life insurance compare
- How much does life insurance cost?
- What is a guaranteed death benefit?
- What is guaranteed cash value?
- Factors affecting life insurance rates
- How much life insurance do you need?
- Costs for life insurance with children vs without
- Bottom Line
What is term life insurance?
What is whole life insurance?
How term life and whole life insurance compare
|Term Life Insurance||Whole Life Insurance|
|Coverage duration||1 - 30 years||Life|
|Cost||$25 - $35/month||5 - 15x more|
|Guaranteed benefit||Yes, if within term||Yes|
|Guaranteed cash value||No||Yes|
How much does life insurance cost?
|Age||Average term rate/month||Average whole rate/month|
Changing term premiums
What is a guaranteed death benefit?
What is guaranteed cash value?
Factors affecting life insurance rates
- Heart disease
- High blood pressure
- High cholesterol
Length and amount of coverage
How much life insurance do you need?
- Probable future debts for your family, along with income and assets.
- Final expenses your estate will owe after you die, including credit card debts, mortgage payments, funeral and other things.
- How your spouse and children will support themselves without your salary.
- The standard of living you want your descendants to have.
- Hidden income such as retirement fund matches, health insurance subsidies and other fringe benefits.
Costs for life insurance with children vs without
|Policy||Age 30||Age 40||Age 50|
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