Term Life Insurance
Term life insurance is a policy that will expire after a period of time ranging from 10, 15, 20, 25 or even 30 years in length.
Some term policies called return of premium policies allow you to get all of your money back at the end of the term.
It cost more money to get a return of the premium policy. You have to be younger to get return a premium. It’s not available at for those who are older.
Term policies tend to be for the healthiest and the youngest.
Typically, you see the term policies under the age of 60 for people that are on a maximum of two prescription medicines. Sometimes three prescriptions a day can be acceptable depending on what they are for. Some companies will write term policies for people up to the age of 80 but again it depends on numerous factors, especially level of health.
Whole Life Insurance
Term insurance can get quite expensive as you get older so most people 45 to 50 years old opt for a whole life insurance policy.
Whole life insurance is a policy that’s remains in effect until death. It never expires. It builds up a cash value over time.
Whole life policies tend to be smaller. It’s a life insurance policy that is going to cover 10, 20, to 40 thousand dollars.
A term policy can provide from $100,000 to 5 million dollars in coverage. However, the only way it pays out is if you out live the term of the policy or you get a return of premium term life insurance policy.
They can be large.
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