Buying Life Insurance

	Term Life Insurance	Whole Life Insurance
Basic Description	Provides life insurance coverage for a specific amount of time (typically 20-30 years), and if you or your spouse pass away during this time, your beneficiaries will receive a payout in the amount of the policy.	Provides life insurance coverage for your “whole” life, and your beneficiaries will receive a payout upon your death. Includes an investment component which allows for a cash value of the policy that grows over time. You can take loans against the policy or cash it in.
Policy accumulates a cash value?	No. The policy value is fixed and the cost and death benefit stays the same over the lifetime of the policy.	Yes. The policy cash value grows over the lifetime of the policy.
Low premium	Yes	No
Monthly premiums remain the same?	Yes	Yes
Has an end date?	Yes	No
Life insurance payout guaranteed?	Yes	Yes
Designed primarily to protect against premature death?	Yes	No
Instant Approval	Yes	No

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