Many residents in New York ask which is better? Low cost term life insurance or higher cost whole life insurance. Both products serve the same purpose and understanding the difference is important when choosing life insurance.
Term Life Insurance.
Term Life insurance is for a certain period, usually between 5 and 30 years. Most people out live their term life insurance policies and usually only 10% of term life is claimed. Term Life is typically used to protect the family from financial hardship if something tragic happened.
Whole Life Insurance.
There is no time period for whole life, it is for your whole life. Your health and age would determine the premium. Good whole life policies also cover your final expenses.
Whole life insurance policies are typically about 8 times more than a term life policy. So consult your Gregg Stephens Insurance life insurance specialist about purchasing a term life policy and combining the savings there into retirement.