Life insurance
Making sure the people who depend on you are taken care of.
Term life
Term life covers you for a set period, commonly 10, 20, or 30 years. If you pass away during that time, your beneficiaries receive the death benefit. It’s usually the most affordable way to get a large amount of coverage.
- Good fit for covering a mortgage, income replacement, and the years kids are at home
- Premiums are typically locked for the length of the term
- Some policies can be converted to permanent coverage later
Whole life
Whole life is permanent coverage. As long as premiums are paid, it stays in force for your entire life and builds cash value you can access over time.
- Good fit for final expenses, leaving something behind, or lifelong needs
- Costs more than term for the same death benefit
- Premiums are generally level for life
Which one is right?
Many families use term for the big, temporary needs and a smaller whole life policy for permanent ones. The right mix depends on your income, debts, family, and what you already have through work.