Have questions about term life insurance versus whole life, this is Chad McMahon with protect with insurance and hopefully, I’ll be able to answer all your questions here, and make it short and sweet so term life insurance the simple short version of that is going to be a life insurance policy that will expire, it goes for a term, a period usually 10, 15, 20, 25, or 30 years in length and what some of these term policies can do, some of these are going to be the return of premium, meaning that you’re going to get all of your money back at the end of the term.
It cost more money to get a return of the premium product and you have to be younger to get return a premium; that is; it’s not available at any age.
Term policies tend to be for the healthiest of the individuals and the youngest, so typically, you see the term policies under the age of 60 with people that are on a maximum of two prescription medicines sometimes three can work and I have written term policies for people up to the age of 80.
It’s just that it can start to get quite expensive as you get older, so most people opt for a whole life insurance policy, now whole life is a policy that’s never going to expire until death whenever the case, it builds up a cash value over time and whole life policies tend to be smaller, so it’s a life insurance policy that is going to be for maybe 10, 20, 40 thousand dollars, whereas, a term policy can be up to 100, 200 thousand, 1 million, and 5 million.
They can be large, that is, the short, sweet and dirty version of term life insurance versus whole life. Click the button below for a free consultation or anything else that I can do for you, and you follow up. Questions, feel free to post them and I’ll do my very best to respond in a timely fashion, alright, take care, everybody.
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