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What Are The Key Differences Between Term Life Insurance and Whole Life Insurance?

If you’re living, then life insurance makes sense. But it’s about more than just making sense. Life Insurance provides you and your loved ones the peace of mind knowing that should an unexpected event arise, there’s a policy in place to help guide them through such an immensely difficult time.



Life insurance is designed to replace lost income upon the death of the policyholder yet it’s an oft-overlooked household expense. When researching life insurance options, one of the first things you’ll discover is that there are a number of options for you to choose from. Perhaps no difference is bigger or leads to more questions than “what’s the difference between term and whole life insurance”?


Simply put, the primary difference relates to the length of coverage. “Whole Life” policies have no expiration date but can be more cost-prohibitive because there’s a cash value component associated with whole life insurance.


Term Life Insurance covers you (or a spouse) for s specific term (usually built for 10-20-30 years) and then beneficiaries selected receive the payout should the policy holder die within that “term”.


A lot of folks go with term life insurance because it’s more affordable. It’s also a little simpler to understand for most folks because the policy is effectively valueless UNLESS you or your spouse we’re to die within that term.


With whole life insurance, it’s more than just an insurance policy. It’s also in many ways an investment. If you’re not set up to pay the higher premium, then it’s likely term life insurance is the best option for you.


Whether you’re in need of life insurance or home, auto or business insurance. Brian Schulze Insurance & Associates are proudly serving the entire Wabash Valley and are just a click or phone call away! Contact us today to discuss your insurance options.

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