Whole life insurance is a form of permanent life insurance designed to provide lifelong coverage, a guaranteed death benefit, and a cash value component that grows over time.

Premiums are typically fixed, and a portion of each payment is allocated to cash value, which grows on a tax-deferred basis. The policy’s death benefit is generally paid income-tax-free to beneficiaries, subject to applicable laws.

Whole life insurance is commonly used for purposes such as estate planning, legacy considerations, business continuity arrangements, and long-term risk management. Policy features, costs, and suitability vary by carrier and individual circumstances.

Life insurance products are offered through licensed insurance professionals and are subject to underwriting approval, policy terms, and carrier guidelines.

Term life insurance provides life insurance coverage for a specific period of time—typically 10, 20, or 30 years—and pays a death benefit to beneficiaries if the insured passes away during the policy term.

Premiums are generally lower than permanent life insurance and are usually fixed for the length of the term. Term life insurance is commonly used to help cover temporary financial obligations such as income replacement, debt protection, or family support needs during key earning years.

Coverage amounts, term lengths, and costs vary based on age, health, and underwriting factors. Term life insurance does not accumulate cash value and coverage expires at the end of the policy term unless renewed or converted, subject to policy provisions.