The Pros and Cons of Term and Whole Life Insurance

iQuanti: Purchasing life insurance is a vital step you can take to ensure your family and loved ones’ financial security. As you learn more about life insurance, you’ll find that one of the most important decisions you’ll make in the process is whether to opt for term or whole life coverage.  
A term life insurance policy distributes your coverage over a predetermined period of time, usually between 10 and 30 years, whereas a whole life insurance plan lasts the entirety of your life. But the differences between term and whole life insurance don’t end here, so let’s take a closer look at each option’s upsides and downsides. 
Term life insurance pros
Here are some pros of term life insurance:
Term life insurance cons 
Term life insurance also comes with some drawbacks, such as:
Whole life insurance pros
Here are some advantages that whole life insurance offers:
Whole life insurance cons 
Here are some cons of whole life insurance: 
The bottom line
Term and whole life insurance both come with their own benefits and drawbacks. The right life insurance choice plan for you and your loved ones may depend on a number of factors, including your financial situation and your family’s needs. 
There is no one-size-fits-all, so make sure to research your options and pick the life insurance plan that best suits you and your loved ones. This way, you can give your family the security they need and give yourself the peace of mind you deserve.
Source: iQuanti, Inc.