What’s Better: Whole or Term Life Insurance?

Let’s talk about some very basic concepts in life insurance. Whole versus term, which one is better for you, or which one is better overall?

Okay, so first of all, I want you to understand that asking that question, which one is better, whole versus term, is like saying, what’s a better tool, a screwdriver or a hammer? Well, how do you answer that question?

Which tool is better?

If you need a screw screwed in, hammer is the worst tool ever, because if you just hammer that sucker with the hammer, it’s not going to do the job that you want it to do. And vice versa, if you need a nail hammered in, screwdriver is the worst tool in the world.

What that means is, if you’re looking for life insurance, asking which one is better might be the wrong question. Both are good and both apply in different ways to different people. Which one is best depends on your individual needs and your circumstances.

Is Term Life Insurance Better?

My question to you is: what is your goal? Generally speaking, term insurance is for, what if something happens to me? Just in case something happens to me, I need some coverage for a period of time. With term, you get as much as you can for as little a cost as possible. If you want to save a lot of money. Term insurance is ideal for you.

Is Whole Life Better?

If you’re more wanting something permanent that will never go away, also builds a cash value. Of course, that’s whole life or permanent. There are a lot of other factors to those. To dive down deep and understand which tool is best for you, you need to talk to an advisor.

You can get a lot of information on the internet, but what you really need to do is talk to somebody about your specific situation. A good life insurance advisor will sit down and ask you questions about your specific situation before he or she makes any recommendations. That way you can know for yourself what’s better: whole or term life insurance? So if you want to understand which one is right for you, generally speaking, get down to some specifics with somebody that knows what they’re doing.

How can you Know What’s Better: Whole or Term Life Insurance?

If you’d like to chat, I’d be happy to see if we can help. You can get on my calendar and I will make some time for you, and I’ll explain a little bit more the difference between whole versus term and which one would make the most sense in your specific situation. So thank you for listening and never forget how much your life matters.