The Deciding Factors Between Term Life And Whole Life Insurance

​If you have decided to buy life insurance, congratulations, you will now have to decide on a whole lot more. You will now need to decide whether to get term life or whole life. You will also need to choose who your beneficiaries are. Same goes for the total amount you will be investing. And the list will go on. However, moving back to the first one, that is probably the most difficult choice you will have. Do you go term life or whole life? That is the question.

​What Is The Difference?
To fully appreciate your choices, you will need to know the difference between the two. Term life is pretty straight up. It will provide death benefit over a certain number of years or "term." It is usually the more affordable option. However, you can only claim your death benefit if you die within your term. 

Whole life insurance, on the other hand, gives your death benefit as well, with a little extra on the side. Over time, your investment will accumulate a cash value which you can withdraw or borrow during your lifetime. Your insurance is covered for your whole life, but it is more expensive than term life. 

Which Better Suits You?
The only answer for this is, it depends. It really depends on a lot of factors. You will need to look at yourself, your family, and your plans. 

Self
First consideration here is your age. How old, or young are you. The younger you are, the more years you will need in your term. Which can make you lean more towards whole life. Next is your health condition. Do you have any health conditions you need to take into consideration?

Family
How old are your children? How many years before they graduate? If you are the primary breadwinner for a family, and your loss will severely impact them, that is another factor. Do you want to build up an estate while you are alive and ensure coverage of all their needs? Leftover mortgages, loans, debts, and living expenses plus taxes are all added up on top of your funeral costs. This will be the target you will be aiming for. 

Plans
Are you all set for your retirement? Do you have a retirement plan already? Have you considered how you will sustain yourself after you are done working? This is another intriguing factor.

Conclusion
Getting life insurance is a big decision. It is important you consider all factors and discuss the different options with your agent. This will help ensure you get the best fit for you. At Quote Today, we aim to provide comprehensive insurance policies that makes your life easier. You can get more information about our products and services by calling our agency at (855) 855-2522. Get your free quote today by CLICKING HERE.