FREE ESSAY ON TERM VS WHOLE LIFE

TERM VS WHOLE LIFE

TERM VS WHOLE LIFE 
If you're like most people, there's nothing more important to you than your family.
As difficult as it is for you to imagine not being there for them, it's a risk we all
face. To
help be sure your loved ones have the financial protection they'll need, it's important
to
not only think about the unexpected, but to plan for it. 
If you were gone, who would provide for your loved ones? Who would help... 
Provide cash for family income? 
Cover the cost of raising your children? 
Pay off your mortgage? 
Pay off your debts? 
Life insurance can help give your family the protection they need while providing you
with peace of mind. It can help provide continuing income and help pay the
bills--keeping your family's hopes and dreams alive even after your death. 
or to find out if you're approved for up to $150,000 of immediate 10-year term life
insurance that could save you up to 30%.* Coverage starts today with no medical exam if
you're approved.** 
Or, get more information on other life insurance coverage offered through U.S. Bancorp
Insurance Services: 
in higher coverage amounts for maximum coverage at the lowest premiums 
that can be designed for long-term protection while providing flexibility in terms
of premium payments and cash value accumulation. 
Applying for 10- and 20-year underwritten term and universal life insurance involves an 
interview and a medical exam (including blood and urine samples). 
Term Insurance
Advantages
Initially, premiums are lower than those for various forms of whole life insurance,
thus allowing you to purchase higher amounts of insurance coverage. 
It is good for covering specific needs that will disappear in time, such as
mortgages and other loans. 
Disadvantages 
Premiums will increase as you grow older and at the end of the term of the policy
you purchase, such as 10 year term. In the 11th year the premiums will increase.
Eventually, coverage may lapse due to the expense of the policy the older you do
get.Generally, the policy does not have cash value. 
Permanent Insurance
Advantages 
As long as the necessary premiums are paid, the life insurance policy is
guaranteed to be there for your entire life. Your premium can be fixed or flexible to
meet
your own personal needs. 
The policy accumulates a cash value that you can borrow against. Loans would
need to be paid back with interest or your beneficiaries will receive a reduced value of
benefit if you pass away prematurely. 
If you ever needed to have your premiums paid for with you existing cash value,
you can. If you surrender your policy, the cash value will be returned to you. 
Disadvantages 
The required premiums may make it to expensive to purchase the necessary
amount of insurance you and your family needs. It may cost more than term insurance if
you do not keep the policy long term.
I think I would take the whole life insurance because it will adjust to your
personal need as the term wont it is just a fixed rate but the whole life also has a
fixed rate
but it will fluxuate to fit your personal needs at the time that your in that would be
why I
pick whole life over term life. 
TERM VS WHOLE LIFE 
If you're like most people, there's nothing more important to you than your family.
As difficult as it is for you to imagine not being there for them, it's a risk we all
face. To
help be sure your loved ones have the financial protection they'll need, it's important
to
not only think about the unexpected, but to plan for it. 
If you were gone, who would provide for your loved ones? Who would help... 
Provide cash for family income? 
Cover the cost of raising your children? 
Pay off your mortgage? 
Pay off your debts? 
Life insurance can help give your family the protection they need while providing you
with peace of mind. It can help provide continuing income and help pay the
bills--keeping your family's hopes and dreams alive even after your death. 
or to find out if you're approved for up to $150,000 of immediate 10-year term life
insurance that could save you up to 30%.* Coverage starts today with no medical exam if
you're approved.** 
Or, get more information on other life insurance coverage offered through U.S. Bancorp
Insurance Services: 
in higher coverage amounts for maximum coverage at the lowest premiums 
that can be designed for long-term protection while providing flexibility in terms
of premium payments and cash value accumulation. 
Applying for 10- and 20-year underwritten term and universal life insurance involves an 
interview and a medical exam (including blood and urine samples). 
Term Insurance
Advantages
Initially, premiums are lower than those for various forms of whole life insurance,
thus allowing you to purchase higher amounts of insurance coverage. 
It is good for covering specific needs that will disappear in time, such as
mortgages and other loans. 
Disadvantages 
Premiums will increase as you grow older and at the end of the term of the policy
you purchase, such as 10 year term. In the 11th year the premiums will increase.
Eventually, coverage may lapse due to the expense of the policy the older you do
get.Generally, the policy does not have cash value. 
Permanent Insurance
Advantages 
As long as the necessary premiums are paid, the life insurance policy is
guaranteed to be there for your entire life. Your premium can be fixed or flexible to
meet
your own personal needs. 
The policy accumulates a cash value that you can borrow against. Loans would
need to be paid back with interest or your beneficiaries will receive a reduced value of
benefit if you pass away prematurely. 
If you ever needed to have your premiums paid for with you existing cash value,
you can. If you surrender your policy, the cash value will be returned to you. 
Disadvantages 
The required premiums may make it to expensive to purchase the necessary
amount of insurance you and your family needs. It may cost more than term insurance if
you do not keep the policy long term.
I think I would take the whole life insurance because it will adjust to your
personal need as the term wont it is just a fixed rate but the whole life also has a
fixed rate
but it will fluxuate to fit your personal needs at the time that your in that would be
why I
pick whole life over term life. 
Bibliography
this is about term vs whole life insurance