When choosing between whole life and term life insurance, you might find that term life is the better of the two options. There are a number of reasons why many families opt to buy term life rather than a whole life policy. It may very well be those same exact reasons that convince you that term life is the best life insurance for your needs.
As you probably suspect, costs attract most people to a term life policy. The rates are considerably less for term life coverage than whole life, while is especially important for families who are on a budget. With a few comparisons, it is fairly simple to find affordable term life insurance from many companies and spend considerably less than you would for whole life.
Term life coverage matches your needs. Choose the term of the policy, starting at 5 years with some terms as long as 30 years. Most people choose a 20 to 30 year policy. Level-premium coverage means that the cost of the premium stays the same throughout the duration of the term. You can then choose the coverage amount you wish to buy and use the policy to support kids in various endeavors, to pay off the mortgage, or for other reasons. It also pays for death benefits if you should pass away during the policy term.
People find term life coverage much easier to understand than whole life coverage that has so many stipulations, terms, and requirements included in it. It’s also easy to obtain a policy since, unlike whole life, there are no physical examinations or visits to the doctor needed. It is even possible to compare policies and rates online day or night to ensure the best prices for coverage are found.