At HDF, we are committed to working for you and saving you time and money. We also want to help you make informed decisions about your insurance purchases. Are you trying to decide between term vs whole life insurance? Here is a quick overview…
What is whole life insurance?
- A permanent policy that doesn’t expire (with the submission of regular fixed premiums)
- A portion of the premiums is invested for a savings component that has a guaranteed rate of return
- Suitable for children and young adults; a whole life insurance policy allows time for cash value to build
- Whole life insurance covers an individual’s lifetime
- Offers short term protection, usually 10, 20 or 30 years.
- Used to cover a specific debt or period of time
- Though less expensive than whole life insurance, term life insurance doesn’t offer the same permanent coverage or the cash value benefit
- More affordable for young families who carry large debt during their working years
How is term life insurance different?
At HDF, It’s Our Job to Compare Insurance for You
The question of term vs. whole life insurance is a matter of both choice and circumstance. Our HDF Insurance brokers would be happy to provide more information about the various types of life insurance, compare insurance policies for you and design the best plan for your needs. Contact us today!