Term vs. Whole Life Insurance: Making the Right Choice for Your Family

Term life and whole life insurance are two life insurance options that many have trouble deciding between. Both types have their own advantages, but what’s ideal for one individual may not be the best choice for another. Here, you’ll see how term life and whole life insurance compare, and which one you may consider choosing based on your needs and preferences.

Life Insurance From Secure Insurance Group

Secure Insurance Group provides life insurance to help you provide for your loved ones in the event of your passing. We have a variety of life insurance policies to choose from, and we will help you get the best one for you.

What A Life Insurance Policy From Secure Insurance Group Can Do For You

When you get life insurance from Secure Insurance Group, you’re ensuring the future peace of mind for your loved ones. Whether it’s to help cover your mortgage balance, fund your loved ones’ education, or simply pass a small fortune to your beneficiaries, we’ve got you covered.

What Is Term Life Insurance?

Term life insurance is a life insurance policy that expires after a specified period of time. A term life policy may last anywhere from five to 30 years. After the term passes, the policy will no longer be in effect.

There are different types of term life policies, including:

  • Yearly renewable term (YRT) – must be renewed annually; death benefit remains the same, but the premium increases over the years
  • Level-term – both premium and death benefit amounts are fixed throughout the life of the policy
  • Decreasing term – the premium is fixed, but the death benefit gradually decreases

What Is Whole Life Insurance?

Whole life insurance lasts for the entirety of the policyholder’s life, as long as premiums are paid. This is a more expensive policy than term life, but despite its higher cost, it also offers features not seen with term life insurance.

One attractive feature is that whole life provides a cash value account, which grows over time. The policyholder can withdraw these funds for his or her personal uses, including paying premiums.

Types of whole life insurance include:

  • Single-premium – for one large premium payment, the policyholder can have a whole life policy without making additional payments
  • Level payment – premiums remain the same price throughout the life of the policy
  • Modified whole life – premiums start low, but gradually increase over time
  • Limited payment – policyholders pay premiums for a select number of years, and do not have to pay anything to keep the policy after that time has passed

Why Choose Term Life?

Term life insurance is popular with young families who have moved into their first home. A policyholder in this case would purchase a term policy that matches the length of the mortgage. If the intent is to provide his or her family with a place to live after passing away, a policyholder may choose decreasing term life insurance, and purchase this type of policy with a death benefit that is equivalent to the outstanding mortgage balance. 

Term life’s inexpensiveness is also a major draw to those looking for a life insurance policy.

Why Choose Whole Life?

Whole life insurance is ideal for those who want to pass a greater death benefit amount to their beneficiaries. This is a guaranteed means of leaving loved ones with a windfall, with no risk of outliving the policy. Individuals with families may want a whole life policy to help pay for their loved ones’ college tuition and personal debts.

Get Your Policy Today

Whether you’re looking for a policy that will last 30 years or a lifetime, Secure Insurance Group will help you get the very best. We take everything into consideration when helping our policyholders choose life insurance – including the needs of you and your family, what you can afford, and your goals. Get the policy you and your loved ones deserve by calling us today at 1-877-871-7328.