Choosing between Term and Whole Life insurance options depends on various factors. Term insurance provides coverage for a set dollar amount and time, typically offering lower monthly premiums than Whole Life. However, renewing a term policy at its expiration date can be costly. An example would be where a client originally purchased a term policy at age 35 for a period of 10 years. At the 10 expiration date, the client wishes now to purchase a new term policy for another 10 years but is now age 45. Age is a variable consideration of the premium at the time of purchase. This is where an Agent can be very helpful in guiding the client once the policy goals are understood.

Whole Life insurance, on the other hand, offers lifelong coverage and flexibility in adjusting the death benefit. It can also function as an investment, accruing a cash value for borrowing or premium payments. Some policies even enable investing in the stock market. Typically whole life policies are more expensive depending on certain variables. An agent will help you compare and while offering guidance and education which is invaluable to making your decision.