Choosing between term and whole life insurance is a major financial decision. Term life is simpler and more affordable, providing coverage for a specific period. Whole life is more complex, offering lifelong coverage and a cash value component.

When to Choose Term Life Insurance

Term life is often ideal for covering specific financial responsibilities, like a mortgage or providing for young children. If your need for insurance is temporary, term life offers the most cost-effective coverage.

Understanding Whole Life Insurance

Whole life insurance provides permanent coverage and builds cash value over time, which you can borrow against. It's more expensive but can be a tool for estate planning and wealth transfer. Consult a financial advisor to see if it fits your long-term goals.