Key Differences Between Term Life Insurance and Whole Life Insurance

When comparing term life insurance and whole life insurance, it's important to understand the key differences:

Term Life Insurance

• Focus Keyword: term life insurance
• Provides coverage for a specified term
• Premiums are typically lower
• Does not build cash value
• Suitable for those who need coverage for a specific period

Whole Life Insurance

• Focus Keyword: whole life insurance
• Provides coverage for the entire lifetime of the insured
• Premiums are higher but can be fixed
• Builds cash value over time
• Can be used as an investment tool

Ultimately, the choice between term life insurance and whole life insurance depends on individual needs, financial goals, and budget.