Comparing term and whole life insurance can help you decide which policy is right for you. Both have benefits, but understanding the differences can help you choose between the two.

Sept. 26, 2024 — “Choosing the right type of life insurance can be challenging, as it involves weighing the benefits and costs of different options. Two popular types of life insurance policies are whole life and term life insurance,” writes MoneyGeek reporter Mark Fitzpatrick in today’s issue. “While both provide financial protection to loved ones after the policyholder’s death, they differ in cost, benefits and drawbacks. Whole life insurance is more expensive and complex, but it provides lifetime coverage and accumulates cash value over time. Term life insurance is straightforward and affordable but expires after a set period and doesn’t accumulate cash value.”

Marguerita Cheng, CFP® Pro, contributed to this article that helps compare policies and highlights the key differences between term and whole life insurance, which can help you determine the right policy type.

Click here to read all about it.