When it comes to life insurance, there are two main types of policies: whole life insurance and term life insurance. Both of these types of policies provide a death benefit to the policyholder’s beneficiaries in the event of the policyholder’s death, but they differ in several key ways.

Whole life insurance is a type of permanent life insurance that provides coverage for the policyholder’s entire life. Premiums for whole life insurance policies are typically higher than those for term life insurance policies, but they remain level for the life of the policy. In addition to the death benefit, whole life insurance policies also have a cash value component that grows over time. The policyholder can access this cash value through loans or withdrawals, and it can also be used to pay premiums.

Term life insurance, on the other hand, is a type of life insurance that provides coverage for a specified period of time, such as 10, 20, or 30 years. Premiums for term life insurance policies are typically lower than those for whole life insurance policies. Term life insurance policies do not have a cash value component, so once the policy term ends, the coverage ends as well.

At Mandelah Financial, our team of experienced advisors can help you understand the different types of life insurance policies and determine which one is the best fit for your unique situation. Contact us today to learn more about our life insurance products and services.