Published: 2026-08-15
This article provides general information for reference purposes only and does not constitute professional legal, tax, medical, or financial advice. Rules and programs may change. Always verify current details with official sources or consult a qualified professional.
What is the difference between term and whole life insurance?
Term life insurance provides coverage for a specific period (e.g., 10, 20, or 30 years) and is generally more affordable. Whole life insurance provides lifelong coverage and includes a cash value component that grows over time, but it is more expensive.
Which is right for me?
Choose term life if you need coverage for a specific period, such as while raising children or paying off a mortgage. Choose whole life if you want lifelong coverage and a savings component. Consider your budget and long-term goals.
How much coverage do I need?
A common rule of thumb is 10-12 times your annual income. Consider your debts, mortgage, children's education, and family's living expenses. Review your coverage as your life circumstances change.