Term Life Insurance
Term life insurance provides death protection for a stated time period, or term. Since it can be purchased in large amounts for a relatively small initial premium, it is well suited for short-range goals such as coverage to pay off a loan, or providing extra protection during the child-raising years.
Term Life Insurance offers death insurance for a time or term specified. Since it can be bought in large quantities for a comparatively little initial premium, it is well suited to short-term objectives such as loan coverage or offering additional security during the years of child raising.
Whole Life Insurance
As the name suggests, whole life insurance covers you for your whole life, as long as you keep paying the premiums, or to the maturity date. Whole life insurance usually comes with guaranteed level premiums — the amount won’t change as long as premiums are paid.
Whole life insurance policies pay death benefits (proceeds after death) and they may also build cash value.