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<p class="has-black-color has-text-color has-medium-font-size">Life insurance. It's one of those things that no one ever likes talking about, but it's essential to ensuring&nbsp;any wealth you've built&nbsp;is preserved for your future generations.</p>
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<p class="has-black-color has-text-color has-medium-font-size">In a study by the Life Insurance and Market Research Association (LIMRA), it was determined that over&nbsp;100 million households (40%) are uninsured and underinsured.&nbsp;In addition,&nbsp;44% of households in the U.S. would face financial hardship&nbsp;if the primary wage earner died.</p>
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<p class="has-black-color has-text-color has-medium-font-size">These stats highlight why&nbsp;having life insurance is essential.&nbsp;No matter what type of life insurance you choose, it is a way to shield your investments and assets to make sure they're distributed properly to your designated beneficiaries if something happens to you.</p>
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<p class="has-black-color has-text-color has-medium-font-size">Even if you have no investments or assets at the time of your death, having life insurance can ensure that&nbsp;your loved ones are taken care of when you are no longer here.</p>
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<p class="has-black-color has-text-color has-medium-font-size">So, the two types of life insurance are term life insurance and whole life insurance. But which should you get? Let's get into the difference between term vs whole life insurance so you can make a financially sound decision.</p>
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<h2 class="has-black-color has-text-color has-large-font-size" id="h-term-vs-whole-life-insurance-what-s-the-difference">Term vs whole life insurance: What's the difference?</h2>
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<p class="has-black-color has-text-color has-medium-font-size">Let's take a look at each, along with the differences between them.</p>
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<h2 class="has-black-color has-text-color has-large-font-size" id="h-what-is-term-life-insurance">What is term life insurance?</h2>
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<p class="has-black-color has-text-color has-medium-font-size">Term life insurance&nbsp;is life insurance coverage that covers you for a specified number of years and has no cash value account associated with it. As a result of this, the premiums are often lower than a whole life policy. When you choose a term life policy, you'll choose a certain number of years to be covered; typically 10 or 20 years.</p>
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<p class="has-black-color has-text-color has-medium-font-size">Term life insurance breaks down into two different types of term life insurance:</p>
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<h3 class="has-black-color has-text-color" id="h-group-term-life-insurance"><strong>Group term life insurance</strong></h3>
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<p class="has-black-color has-text-color has-medium-font-size">Group term life insurance&nbsp;is insurance that an employer offers to its employees as a benefit. It covers the employees of the company instead of a single individual.</p>
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<p class="has-black-color has-text-color has-medium-font-size">However, the coverage of this policy can run short of what your needs may be, so you may want to consider purchasing an individual policy. Or you could expand your existing coverage and pay the premium difference that your employer provides.</p>
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<h3 class="has-black-color has-text-color" id="h-individual-life-insurance"><strong>Individual life insurance</strong></h3>
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<p class="has-black-color has-text-color has-medium-font-size">Individual life insurance&nbsp;is more expensive but provides more coverage that will fully protect your loved ones when needed.</p>
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<p class="has-black-color has-text-color has-medium-font-size">You also get to customize your coverage with this type of policy rather than settling for what your employer offers with their group plan. It's good to research and&nbsp;calculate how much life insurance you need for your unique situation.</p>
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<h2 class="has-black-color has-text-color has-large-font-size" id="h-what-is-whole-life-insurance">What is whole life insurance?</h2>
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<p class="has-black-color has-text-color has-medium-font-size">Whole life insurance, also called permanent insurance, is life insurance coverage that combines life insurance with investments. This&nbsp;addition of investments&nbsp;is called "cash value" and is placed in a cash-value account. It is also known as&nbsp;cash value life insurance.</p>
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<p class="has-black-color has-text-color has-medium-font-size">With a whole life insurance policy, you'll pay monthly premiums for coverage, but a portion of that amount will be put&nbsp;into an investment account.&nbsp;Your beneficiaries will receive any excess premiums at the time of your death.</p>
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<p class="has-black-color has-text-color has-medium-font-size">With a policy like this, the premiums are often higher due to the additional benefit of the cash value account.</p>
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<h3 class="has-black-color has-text-color has-large-font-size" id="h-what-is-a-cash-value-account-and-how-does-it-work">What is a cash value account and how does it work?</h3>
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<p class="has-black-color has-text-color has-medium-font-size">Well, when you pay your insurance premium, they will use part of it to actually pay for your insurance. But the other part goes into an investment account that&nbsp;accumulates wealth&nbsp;over the life of the policy, aka, your lifespan. This account is called a cash value account.</p>
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<p class="has-black-color has-text-color has-medium-font-size">With a cash-value account, you can withdraw money from your policy in the form of a loan plus interest. This is a great feature, yes, but one catch is that if the loan hasn't been paid back at the time of your death, the death benefit amount paid to your beneficiaries is decreased by the outstanding loan amount.</p>
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<p class="has-black-color has-text-color has-medium-font-size">Here are a few ways you can use a cash account:</p>
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<ul class="has-black-color has-text-color has-medium-font-size"><li>To create supplemental&nbsp;income in retirement</li><li>For payments toward future policy premiums</li><li>To pay for you or your&nbsp;child's education</li><li>For a&nbsp;down payment towards a home</li></ul>
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<h2 class="has-black-color has-text-color has-large-font-size">Term vs whole life insurance pros and cons</h2>
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<p class="has-black-color has-text-color has-medium-font-size">Term life versus whole life, how do you decide what is best for you? Well,&nbsp;just like any big financial decision, it comes down to the advantages and disadvantages. So let's dive into the term vs whole life insurance pros and cons.</p>
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<h3 class="has-black-color has-text-color has-large-font-size" id="h-benefits-of-term-life-insurance">Benefits of term life insurance</h3>
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<p class="has-black-color has-text-color has-medium-font-size">It's always better to start with the good news first, right? So here are a few benefits of term life insurance:</p>
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<h4 class="has-black-color has-text-color has-large-font-size">Specified coverage terms</h4>
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<p class="has-black-color has-text-color has-medium-font-size">With a term life policy, coverage lasts for a specified number of years instead of for your entire life. For example, you can choose a policy term of 10 years.</p>
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<p class="has-black-color has-text-color has-medium-font-size">So if you have a life insurance policy of $150,000 for a 10-year term and you passed away, then your family would receive the $150,000 from the policy. This makes term life insurance more affordable than a whole life policy.</p>
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<h4 class="has-black-color has-text-color has-large-font-size">Fixed payment premiums</h4>
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<p class="has-black-color has-text-color has-medium-font-size">One of the benefits of term life insurance is that your premium payments are a set amount for the specified coverage period. You can choose terms ranging from 10, 15, 20, and 30 years and the premium will be that price through the entire term.</p>
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<h4 class="has-black-color has-text-color has-large-font-size" id="h-can-convert-to-a-whole-life-policy">Can convert to a whole life policy</h4>
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<p class="has-black-color has-text-color has-medium-font-size">If you decide to, you can&nbsp;convert your term life insurance into a whole life policy. However, you will have to convert it before the deadline clause. Be sure to know the details of the conversion clause because it can save you from having to do it later if you need it.</p>
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<h4 class="has-black-color has-text-color has-large-font-size">More affordable policies</h4>
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<p class="has-black-color has-text-color has-medium-font-size">Because there is no cash value accumulation like there is with a whole policy, the premiums are lower. This could be a good option if you are searching for a more affordable policy&nbsp;that fits into your budget.</p>
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<h3 class="has-black-color has-text-color has-large-font-size" id="h-cons-of-term-life-insurance">Cons of term life insurance</h3>
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<p class="has-black-color has-text-color has-medium-font-size">Now that you know the benefits of term life insurance let's dig into the disadvantages.</p>
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<h4 class="has-black-color has-text-color has-large-font-size">You could potentially be denied</h4>
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<p class="has-black-color has-text-color has-medium-font-size">When you renew your policy, your insurance company may require you to answer questions about your health and submit to a physical exam all over again.</p>
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<p class="has-black-color has-text-color has-medium-font-size">If you were to&nbsp;develop a health condition it could increase the cost of a new policy.&nbsp;Also, the insurance company may prevent you from renewing your policy due to your age.</p>
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<h4 class="has-black-color has-text-color has-large-font-size">Limited coverage due to age</h4>
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<p class="has-black-color has-text-color has-medium-font-size">As you get older, the number of years your life insurance coverage may be renewed is limited.</p>
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<p class="has-black-color has-text-color has-medium-font-size">For example, if you obtain insurance at 20, you can choose coverage for 10, 15, 20, and even 30-year terms. But at 60, providers may limit you to shorter terms of 10 or 15 years.</p>
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<h4 class="has-black-color has-text-color has-large-font-size">Premiums increase</h4>
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<p class="has-black-color has-text-color has-medium-font-size">Premium costs for a term life policy can increase with each policy renewal. So if you choose a ten-year policy and then decide to buy another, the cost could increase significantly with each renewal.</p>
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<h3 class="has-black-color has-text-color has-large-font-size" id="h-benefits-of-whole-life-insurance">Benefits of whole life insurance</h3>
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<p class="has-black-color has-text-color has-medium-font-size">There are many benefits of whole life insurance; here are a few of the biggest reasons you should consider a whole life insurance policy:</p>
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<h4 class="has-black-color has-text-color has-large-font-size">Lifetime coverage</h4>
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<p class="has-black-color has-text-color has-medium-font-size">The biggest difference when comparing term vs whole life insurance is the type and length of coverage you get.</p>
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<p class="has-black-color has-text-color has-medium-font-size">Remember with term life you will have coverage for a certain timeframe, but with whole life, it is lifetime coverage. That is a huge peace of mind to have&nbsp;when it comes to protecting your family financially.</p>
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<h4 class="has-black-color has-text-color has-large-font-size">Whole life policies have cash value</h4>
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<p class="has-black-color has-text-color has-medium-font-size">Another one of the biggest benefits of whole life insurance is you have the benefit of cash value accumulation. Again, you can borrow from your cash value account&nbsp;to supplement retirement,&nbsp;future premium payments, or your child's education.</p>
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<h4 class="has-black-color has-text-color has-large-font-size">Earn dividends</h4>
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<p class="has-black-color has-text-color has-medium-font-size">If you&nbsp;invest in a dividend-paying whole life policy, you have the potential to earn annual dividends based on your policy amount.</p>
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<p class="has-black-color has-text-color has-medium-font-size">This is when the company pays an annual amount to its policyholders if they perform well. Although the amount may vary, it's still one of the best benefits of whole life insurance.</p>
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<h3 class="has-black-color has-text-color has-large-font-size">Cons of whole life insurance</h3>
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<p class="has-black-color has-text-color has-medium-font-size">Let's get down to the nitty-gritty of the cons of a whole life insurance policy.</p>
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<h4 class="has-black-color has-text-color has-large-font-size">Premiums are higher</h4>
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<p class="has-black-color has-text-color has-medium-font-size">Since you will have lifetime coverage and cash value with your policy you will pay a higher premium. So you will need to&nbsp;review your budget&nbsp;to see if you are able to afford the coverage you will need to invest in.</p>
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<h4 class="has-black-color has-text-color has-large-font-size">Benefits can reduce</h4>
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<p class="has-black-color has-text-color has-medium-font-size">Again, if you borrow from your policy and there is an outstanding balance, the amount of benefits will reduce.</p>
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<p class="has-black-color has-text-color has-medium-font-size">You will need to determine if it's worth risking that chance when borrowing from your policy fund. Assess your financial situation first before diving into your cash fund.</p>
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<h4 class="has-black-color has-text-color has-large-font-size">You could earn more with better investments</h4>
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<p class="has-black-color has-text-color has-medium-font-size">You are likely to&nbsp;get better returns investing in an index fund&nbsp;for example. Building generational wealth through strategic investments may earn you more return than what a whole life policy could offer.</p>
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<p class="has-black-color has-text-color has-medium-font-size">So now you know the term vs whole life insurance pros and cons, but do you even need life insurance? Let's discuss.</p>
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<h2 class="has-black-color has-text-color has-large-font-size" id="h-do-you-need-life-insurance">Do you need life insurance?</h2>
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<p class="has-black-color has-text-color has-medium-font-size">You probably have insurance on your home, rental property, car, cell phone, pet, jewelry, and even your vacations, right? So why not your life? After all, your life is your most valuable asset!</p>
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<p class="has-black-color has-text-color has-medium-font-size">If making the&nbsp;decision to purchase life insurance&nbsp;is difficult, answer these questions first:</p>
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<ul class="has-black-color has-text-color has-medium-font-size"><li>Does anyone rely on my income for their daily living?</li><li>If I pass away today, is there enough money to cover the mortgage and other bills and debts?</li><li>How would my income be replaced to provide for my family and support the education of my children or dependents?</li><li>Will my family have enough to cover my funeral expenses without causing&nbsp;financial hardship?</li></ul>
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<h3 class="has-black-color has-text-color has-large-font-size" id="h-three-main-reasons-to-get-life-insurance">Three main reasons to get life insurance</h3>
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<p class="has-black-color has-text-color has-medium-font-size">Depending on how you answered the above questions, here are 3 main reasons why you may want to consider getting life insurance:</p>
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<ol class="has-black-color has-text-color has-medium-font-size"><li>For the cost of your burial and final expenses</li><li>To create generational wealth for your next generation</li><li>To replace lost wages from your passing</li></ol>
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<h2 class="has-black-color has-text-color has-medium-font-size" id="h-term-life-versus-whole-life-which-should-you-get">Term life versus whole life: Which should you get?</h2>
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<p class="has-black-color has-text-color has-medium-font-size">When you compare term life versus whole life, it's important to come back to what your needs are.&nbsp;As stated earlier, life insurance&nbsp;is a way to shield your investments and assets&nbsp;and make sure they're distributed properly to your designated beneficiaries in the event of your passing.</p>
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<p class="has-black-color has-text-color has-medium-font-size">It is not designed&nbsp;to be a money-making scheme. And if you are leaning towards whole life insurance solely for that reason (cash value), you should seriously consider the high premiums sub-par returns on whole life insurance investments.</p>
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<p class="has-black-color has-text-color has-medium-font-size">Ideally, your goal should be to&nbsp;pay off your debt&nbsp;and&nbsp;bulk up your savings&nbsp;and investments. Once you are able to achieve this level of financial wellness, you are less likely to need insurance for your entire life. This is because you would have built up considerable assets if you follow a&nbsp;solid financial plan.</p>
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<p class="has-black-color has-text-color has-medium-font-size">And so term life insurance may be a better option and you can put the money you would otherwise be paying to higher premiums towards achieving the goals you have&nbsp;laid out in your financial plan.</p>
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<p class="has-black-color has-text-color has-medium-font-size">There are instances where whole life insurance may work for you. For instance, if you are a high-income earner with a need for life insurance. Or you have maxed out your 401k,&nbsp;traditional IRA and ROTH IRA, and&nbsp;529 savings options&nbsp;and are seeking additional diversification.</p>
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<h2 class="has-black-color has-text-color has-large-font-size" id="h-term-vs-whole-life-insurance-pick-what-s-best-for-you">Term vs whole life insurance: Pick what's best for you!</h2>
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<p class="has-black-color has-text-color has-medium-font-size">The cost of insurance, especially term life insurance, is much lower than most people think. So it's a good idea to have a conversation with your family about life insurance.</p>
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<p class="has-black-color has-text-color has-medium-font-size">You don't want to put money into a life insurance policy if it is not necessary, but you also want your family to be taken care of in the event of your passing. Be sure to determine what works best for you when it comes to choosing term life versus whole life insurance.</p>
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<p>To read the full article,&nbsp;<a href="https://www.clevergirlfinance.com/blog/term-vs-whole-life-insurance/">click here</a><a href="https://www.thebalance.com/what-is-hazard-insurance-5209151">.</a></p>
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