Term Life Insurance: These policies are typically less expensive than whole life insurance policies because they offer temporary coverage for a select period of time. A term life insurance policy is perfect for someone who has short term financial goals to tend to, such as seeing their children graduate from a university. These policies do not accrue cash value or act as an investment tool.
Whole Life Insurance: These policies are a little more expensive than term life insurance policies because they offer lifelong coverage. A whole life insurance policy accrues cash value over the years, providing you with both a death benefit and cash savings advantages.