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Life can be complicated, so we love this question. To keep it simple:

Whole Life is a permanent product. There are no term limits. If you’re making your payments on time, the premium and death benefit remain the same. A Whole Life policy builds cash value over time, so let’s say you have a life policy with a death benefit of $250,000. You purchased the policy 5 years ago, so five years later you’ll still have a death benefit of $250,000. However, you will see a cash value amount that may range from $10,000-$20,000 based off the market (request illustration for cash value detail).

A Term Life policy is for a specific term (i.e. 10, 20, or 30 years). In most cases, the death benefit remains the same. However, there are Term Life products with a decreasing death benefit. At the end of the term, the premium begins to substantially increase by month. Term Life insurance has a much lower premium than Whole Life insurance. Additionally, there are other life products that are available that may be a better fit for you. We would love to talk to you about them.