Term vs Whole Life
A plain comparison of temporary protection and permanent cash-value coverage. A good decision usually comes from comparing policy details, not from chasing the first low premium.
Match duration before comparing premium
Term usually addresses a dated protection need with no cash value, while whole life generally provides permanent guarantees and cash values at a higher required premium. Neither label proves suitability; the need, funding capacity, guarantees, and exit options decide the comparison.
Key record: Compare the same death benefit, relevant time horizon, guaranteed outlay, cash or surrender value, conversion, loans, and lapse result.
Documents to gather
- Current policy data page and riders.
- Application and any amendments.
- Latest annual statement or illustration.
- Quote assumptions and underwriting offer.
- State-required notices when applicable.
Questions to verify
Finish with a written decision
Copy the controlling policy language and dates into your notes. Mark each number as guaranteed, current, or illustrated; identify the person or organization that supplied it; and save any written answer. Before ending or replacing coverage, confirm when the new protection becomes effective and whether a free-look, contestability, surrender, or tax consequence applies.
Reliable sources
- Your issued policy and application copy.
- NAIC consumer life insurance resources.
- Your state insurance department.