What is the Difference Between Term and Whole Life Insurance?

Now, let's look at the two main insurance options: term life and whole life insurance. We will examine the pros and cons and the difference between term and whole life insurance policies. 

What Is Life Insurance and How Does It Work? Life insurance provides financial protection by protecting your lost income if you die unexpectedly.

Difference Between Term and Whole Life Insurance

It is particularly important to have a life insurance policy when you have family members that depend on your income.

A beneficiary is the individual or individuals that you choose to receive the death benefit, such as a spouse or children.  

Term life insurance provides a death benefit to your chosen beneficiaries if you were to pass away in a given period.

Term Life Insurance

To secure a term life insurance policy, you will want to research the best life insurance companies for your particular needs.

This application will ask for proof of income, a release of health records from your doctor, and a series of general questions in your application about your age, income, marital status, health conditions, and hobbies.

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