Term vs Whole Life Insurance | Which One’s Right for You?

Term vs Whole Life Insurance: Which One’s Right for You?

Choosing the right life insurance policy can feel confusing — but it doesn’t have to be. The most common question I get is:

“Should I get term or whole life insurance?”

Both have their place. The right answer depends on your goals, budget, and who you're trying to protect.

What Is Term Life Insurance?

Term life is temporary coverage — you choose a term like 10, 20, or 30 years. If you pass away during that time, your beneficiaries get the death benefit.

✅ It's simple
✅ It's very affordable
✅ Ideal for parents or anyone with debt, a mortgage, or kids

But: If you outlive the term, the coverage ends — no payout unless you renew or convert it.

What Is Whole Life Insurance?

Whole life is permanent coverage — it lasts your entire life, and it builds cash value you can borrow from while you're alive.

✅ It guarantees a payout no matter when you die
✅ It builds tax-deferred savings
✅ It’s often used for legacy planning or long-term wealth transfer

But: It's more expensive than term, especially when you’re young.

Which Should You Choose?

Ask yourself:

• Do I need coverage for a specific period (like while raising kids)? → Term

• Do I want something that lasts forever and builds cash? → Whole

• Do I have a limited budget but still want protection? → Term

• Am I looking to leave a financial legacy or protect estate value? → Whole

In many cases, a combination of both is ideal.

💬 Not Sure? I Can Help.

As an independent broker, I’ll help you compare both options and find the perfect fit — no pressure, just honest advice.

👉 Book a Free 15-Minute Call
📧 contact@sellsinsurance.com
📞 Call or Text: 720-634-7497