Term vs Whole Life Insurance. The age old debate

Term Insurance—temporary



People purchase term vs whole life insurance because they like the price and because if they should die during the term the beneficiary will get a benefit. Since most people don’t “intend” to borrow against or cash in their policies, they sometimes feel that a whole life isn't worth paying for. However, the choice is a little more complex than just having the option of a cash value loan vs having term life insurance quotes.



Whole Life doesn't change unless you change it
Whole life insurance is insurance that covers you with premium that never changes as long as you live. The only one who can change it is you—by either requesting some sort of conversion or by allowing the policy to lapse.