Term vs Whole Life Insurance Explained (for First-Time Buyers)
Term vs Whole Life Insurance Explained (for First-Time Buyers) Life insurance is one of those things everyone knows they should get — but few actually understand, especially when choosing between term and whole life coverage. This simple guide helps first-time buyers make a confident choice in 2025. 🔍 Quick Definitions Term Life Insurance : Covers you for a set period (e.g., 10, 20, 30 years). Pays out only if you die during that term. Whole Life Insurance : Lasts your entire life. Includes a savings component called “cash value.” 📊 Side-by-Side Comparison Feature Term Life Whole Life Coverage Period 10–30 years Lifetime Monthly Cost Low High Builds Cash Value No Yes Simplicity Easy to understand More complex Best For Young families, budget buyers Estate planning, lifelong needs 💡 Term life is ideal if you're just getting started or want coverage until your kids are grown. 💰 Cost Difference Example (Male, Age ...