Is Whole Term Life Insurance Worth It?
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is an interesting question! You have included two different types of life insurance in one title. The literal name of your policy means "complete length" of the policy. In a term policy, keeping it for the entire term may or may not be worth it, depending upon why you purchased the policy. If it was to cover a debt for an expected 5 years, and you paid the debt in 3, it's not worth paying the extra two years for nothing. A whole life policy is definitely worth paying out to the end, as the end is your passing, and that is what triggers the payment to your beneficiary. I hope that helps, thanks for asking!Answered on July 12, 2014flag this answer
10968 POINTSview profileTim WilhoitOwner, Your Friend 4 Life, Brentwood TNI think you may be confused, there are two different types of life insurance. Whole life insurance is a cash valued life insurance designed to last your "whole life". Term life insurance is a temporary life insurance meant to insurance a debt or income for a specific period of time. Term life can be purchased in years of 5-10-15-20-25-30-35 years to create an instant estate and is known for it's cheaper premiums than it's whole life counterpart.Answered on July 13, 2014flag this answer.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.Whole Life Insurance is coverage that lasts for your whole life. Term Life Insurance provides protection for a term, or set number of years. Whole Life and Term Life Insurance are two completely different types of life insurance policies. Which one is worth it depends on the type of coverage you need.Answered on July 13, 2014flag this answer
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