It’s simple: You pay a monthly premium for a predefined term (typically 10 to 30 years). If you pass away during the term, your beneficiary gets a lump-sum cash payment.
Whole life policies aren’t limited to a term. They last your whole life and can also accumulate value over time.
Term life is great if:
Whole life is great if:
Talk to a real person who can give you advice based on your situation.