190k views
3 votes
What is the main difference between whole life insurance and term life insurance?

User Iam Zesh
by
6.4k points

2 Answers

3 votes

Answer: Term life insurance has no cash value at the end of the term it's bought for.

User Sam Mason
by
6.2k points
5 votes

Whole life insurance is a type of program that you pay for your "whole life." The premiums tend to stay level on whole life policies.

On the other hand, term life insurance gradually gets more expensive as you get older. Term life insurance is simply the pure cost of insurance with no savings element.

User Aclima
by
6.6k points