Which Life Insurance is Best Term or Whole Life?

The best life insurance for you depends on your own personal situation - what you want your life insurance policy to accomplish.

If you want your life insurance to provide protection for a period of 30 years or less, then a term life insurance plan will provide you with the most affordable protection.

If you need guaranteed lifetime life insurance protection then a whole life insurance policy will meet your needs.

Also, some term life insurance plans offers the option to convert your term life coverage into a whole life insurance policy if you choose to do so. This may be referred to as the "Conversion Privilege", also known as, convertible term life insurance coverage.

Term life costs a lot less than whole life insurance, but lasts for a period of 10, 15, 20, 25 or 30 years with level premiums.

Whole life has level premiums for your entire life, but the premiums are much higher than you would pay for the first 30 years of term life insurance coverage.

Here's how you can learn more about term versus whole life insurance.