Term vs Whole of Life

Term, or whole of life? There are two main kinds of life insurance. And choosing between them comes down to one simple question.

First, a quick note. This is general information, not financial advice.

Meet Greg. He's got a mortgage, two young kids, and one question on his mind. Would they be alright without him?

So he looks into life insurance, and hits a fork right away. There isn't one type to buy. There are two.

Here's the question that settles it. How long does he actually need the cover to last?

Because Greg's biggest risks have a timeline. The mortgage runs about eighteen more years. The kids will lean on him for maybe fifteen.

Once the mortgage is cleared and the kids have grown, that particular worry mostly fades away.

Term life covers you for a set number of years. Die within it, and it pays out. Outlive it, and it simply ends.

Whole of life never expires. Whenever you die, it pays out. And because it always pays, it costs more.

So Greg lines up what he's really protecting. The mortgage, the everyday bills, the years of raising two kids.

Then he shapes term cover around exactly that. Big enough, and lasting just as long as the need does.

And because term costs less, he can afford enough of it, right when his family needs it most.

That's why term is the most common choice. Affordable, and matched to the years that matter most.

But whole of life earns its place too. Pick it if you want to leave something behind, whenever that day comes.

It can cover a funeral, or a bill on your estate that won't ever go away.

And whichever you pick, review it as your life changes.

The right answer is simply the type that fits your reasons. So get in touch, and let's match it to yours.