Whole Life vs Term
Difference Between Whole-Life Insurance and Term Insurance
The older you are the more life insurance costs. Age 100 is the benchmark; so the closer your age to 100, the higher the cost of your insurance. Health also affects the cost of life insurance. The sicker you are, the more insurance may cost or it may be denied. The Cover Group works to minimize this cost by utilizing multiple carriers who specialize in that specific health condition which reduces cost.
- Affordable Whole Life
- $10k - $100k
- No Medical Exam
- Same Day approval
- Up to Age 89
- Fixed Premiums
- Cash Value
- Critical Illness (Heart Attack, Stroke, HIV, Cancer, etc.)
Whole-Life Insurance
Whole–Life Insurance lasts your entire life. Whole–Life Insurance coverage runs an average of 100 to 121 years depending on the carriers. The Whole-Life Insurance has cash value, which accrues in the policy. The cash value can be borrowed against to pay premiums and for other purposes as needed. Premiums remain level – they do not increase or decrease. Whole–Life Insurance has the ability to pay itself if there are adequate funds in the cash value. Due to the added benefits Whole-Life costs more than Term Insurance. Whole-Life is The Cover Group’s most popular insurance product due to the guarantees it offers.
Term Insurance
Term Insurance is sold in increments of 10, 20, and 30-year terms. The Term Insurance expires after each 10, 20, and 30-year period, leaving you to repurchase life insurance at an older age and with possible new health conditions. For example, if you are age 50 and purchase a 30 year term, you will be covered up to 80 years of age. If you were to out live your grandmother who lived to age 82, you would not be covered due the term expiring. The Term Insurance has no cash value. Term Insurance is the least expensive when compared to Whole Life.