What are the benefits of whole vs term life insurance?

Whole life insurance:

- Premiums are fixed and stay the same for the entire policy term.

- Death benefit is guaranteed, as long as premiums are paid.

- Cash value accumulates over time, which can be borrowed against or withdrawn.

- Whole life insurance can be used as an investment vehicle, as the cash value grows tax-deferred.

Term life insurance:

- Premiums are lower compared to whole life insurance, especially for younger and healthier individuals.

- Provides temporary life insurance coverage for a specific period of time, typically ranging from 10 to 30 years.

- If the policyholder outlives the term, they can renew the policy at a higher premium or let it lapse.

- Term life insurance is often used to cover specific financial needs, such as mortgage protection or family income replacement.