Whole life and term life insurance policies are two of the most commonly purchased types of life insurance at Michael Taylor Agency, but they provide very different benefits and protections. Whole life policies are designed to provide coverage for your entire lifetime, whether in the Columbia, SC area or elsewhere. In contrast, term life policies are typically offered for a specific period (such as 10 or 20 years).
The main difference between whole life and term life is that with a whole policy, you will be covered from the time you purchase it until the end of your life. The premiums remain the same throughout the policy, and if you pass away, your beneficiaries will receive the death benefit. With a term policy, there is usually a set time frame in which the coverage will last (the “term”). Once that period ends, you can either renew the policy or let it expire. If you pass away during this term, your beneficiaries would receive the death benefit; however, if you outlive the term, no death benefit is paid out.
Overall, it is important to assess your individual needs when deciding whether to purchase a whole life or term life insurance policy. Whole policies provide lifelong coverage plus an investment component, whereas term policies offer only temporary protection but may be cheaper than their whole counterparts depending on age and health conditions.
For more information, give us at Michael Taylor Agency a call today. We are proud to serve the Columbia, SC area and would be happy to help you find a policy that meets your needs and your budget.