Difference Between Term and Whole Life Insurance

Understanding the difference between term and whole life insurance is essential when choosing the right financial protection for your family. Term life insurance offers affordable coverage for a fixed period, making it ideal for income replacement and temporary needs. Whole life insurance, however, provides lifetime protection and builds cash value that can support long-term financial goals. This guide explains coverage duration, premium costs, flexibility, and savings components to help you make an informed decision. Whether you need budget-friendly protection or permanent coverage with investment benefits, comparing term vs whole life insurance ensures you select a policy aligned with your financial future.