MISSOULA, Mont. ā Last week we spoke about term life insurance which provides coverage for a specific amount of time only.
Today we will talk about the other basic type of life insurance which is permanent life insurance or usually referred to as whole life.
Whole life insurance is protection for your WHOLE LIFE meaning it never runs out or has a time limit on the coverage.
Where term insurance might run out after 10 years, whole life covers you until you reach the age 99 and a half and actually gives you the insurance benefits basically as a congratulations for living so long!
In addition, whole life insurance typically builds a cash value so it can also be seen as an investment tool for retirement income depending on your savings strategies.
The downside here is that whole life costs a bit more than term so of course invest wisely and look at all options before making a decision!