The difference between term and whole life insurance
The difference between term and whole life insurance is one of time.
Term Life Insurance is what we call “IF” life insurance, Whole Life Insurance is what we call “When” Life Insurance. Meaning that Whole Life pays into your 80’s or beyond when you would pass away as opposed to term life insurance which pays if you die prior to your statistical mortality when you are younger.
So the difference between term and whole life is that term will pay in the unlikely event that “if” you die within the 20 or 30 year term of coverage you take out assuming that you took the term out in your 20’s 30’s or 40’s.
Whole life will pay “when” you are more likely to die in your 70’s or 80’s or up to age 100.
This is why there is a big difference in cost between term and whole life insurance, whole life will statistically pay and it is unlikely that the term life insurance will ever pay.
If you need to apply for term life insurance quick life is great.
Their quotes are super accurate, they have great rates and they are fast.
Click here or go to
http://www.quicklifecenter.com/termratequote/
Uncategorized | dkitchell June 19, 2009
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