Term life insurance is a popular option as it is less
costly than whole life insurance.
Another thing to keep in mind is that term insurance is less
costly than whole life insurance for equal amount of death benefit.
Not exact matches
For example,
whole life insurance policy premiums tend to be far more
costly than the premiums associated with term
life insurance policies.
Because of this, premiums on
whole life are significantly
costlier than what you'll find with term
life insurance (discussed below).
The cost of the
whole life policy is the reason why many people choose other option since it can be 3 - 5 times more
costly than a term
life insurance policy.
For example,
whole life insurance policy premiums tend to be far more
costly than the premiums associated with term
life insurance policies.
As an example, if you have
life insurance to pay off your mortgage so that your family can remain in your home should something happen to you, but your mortgage balance will be paid off in ten years, then it may make sense to cover that need with an inexpensive term policy rather
than a more
costly whole life insurance plan.
Term
life insurance coverage can be much less
costly than whole life and variable
life, and the terms can be as long as 30 years.
Given the high probability of death by such an advanced age,
whole life insurance policies are significantly
costlier than a term
insurance plan.
As we've discussed in earlier articles,
life insurance policies that build cash value, such as
whole or universal
life, are more
costly than pure
insurance term policies because part of that additional cost goes into building cash value.
You moreover have to take note that
whole life insurance no medical exam is more
costly than the normal method because of the higher risk an
insurance supplier has to take.