Any form of life insurance provides beneficiaries with an ongoing source of income in the event of the breadwinners passing. Highlighted below are the differences between Whole Life Policies and Term Life Policies.

Whole Life Insurance Term Life Insurance
Coverage Period Lifetime Coverage Preset coverage period, typically 10, 15, 20 or 30 years
Premiums Premium amount is set for the lifetime of the insured Premium amount is guaranteed for the policy term selected
Cash Value Many policies generate a cash value which can be utilized during the lifetime of the insured Cash values are not available
Flexibility Can’t be amended if your coverage needs change When your coverage needs adjust, your coverage amount or term length can too.