When comparing term and whole life insurance many times residents in Kentucky wonder which is better. Both products serve the same purpose in protecting your but understanding the difference is important when choosing your life insurance policy.
Term Life Insurance. Term is a policy for a certain period of time, usually 5 to 30 years. Most will out live their term life policy and only 10% of the term life’s are paid out. Term life is typically used for families to protect from an unexpected event.
Whole Life Insurance. Whole life is a policy with no time period. Your health and age would be the determining factor in what your premium would be. Many times final expenses are also covered in your whole life policy.
Whole life insurance policies are typically about 8 times more than a term life policy. So consult your London Insurance Agency life insurance specialist in Kentucky about purchasing a term life policy and combining the savings into retirement.