You've decided you need life insurance, and you've made the decision to apply for coverage. But now you're unsure of what type of policy you should get. Term, or Whole Life? And why is whole life insurance more expensive than term anyway?

Those are good questions. Think of the difference between term and whole life as the difference between renting and owning.

Term Life Insurance

With term insurance you "rent" the insurance for a determined period of time, called a term. This can be 10, 15 or 20 years. If you were to die during the term period, your beneficiaries would receive a payment in the amount of the policy. If you are alive after the term, your life insurance coverage will expire. If you then want a new life policy, you will need to complete the application process again. The life insurance company would evaluate your application just like any other new application. The cost of that next policy will be greater than the previous policy since you are now older and, if your health has changed, that too could add to the cost of the policy. Also, if there has been a significant change in your health, you may not be able to qualify for the new insurance at any price. So why choose a term life policy? Term life insurance is more affordable than whole life insurance since it provides coverage for a specific period of time, and that combination may be exactly what you are looking for. Affordable coverage, for a specific period of time.

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* In the past 24 Months have you used any form of tobacco or nicotine products including cigarettes, e-cigarettes, cigars, pipes, chewing tobacco, snuff, nicotine patches or gums?