The biggest difference between Whole Life Insurance and Term Life Insurance is the length of time you are insured for. With Whole Life Insurance you are insured for your entire life. With Term Life Insurance you are insured for a specified period of time, that expires by a certain age (usually 75) and if you have not died there is no payout. Some sound Whole Life Insurance advice is to explore both options carefully.
Whole life premiums are higher than term life; however, you are also covered for your entire life. With term life each time the term renews the premiums go up so in the end it costs more than whole life. Some good Whole Life Insurance advice is to compare premium rates between different providers.
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