Whole Life vs. Term Life
Compare permanent and temporary coverage around purpose, duration and budget.
The planning principle
Term and whole life solve different duration problems. Term emphasizes death-benefit protection for a defined period. Whole life is designed for permanent coverage and typically includes contractual cash values. Budget and the duration of the need should drive the comparison.
What to review
Start with the financial objective, then compare policy or contract provisions, affordability, guarantees, non-guaranteed elements where applicable, and the consequences of changing the plan later. Product availability and underwriting vary.
Use the complete planning guide.
The guide on the main topic page includes a worksheet and comparison questions you can use before a coverage conversation.
Get the Free GuideEducational information only. This page is not tax, legal, investment, or individualized insurance advice. Review actual carrier and policy materials before making a decision.