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Term Life Whole Life Variable Life

The two major differences between Term and Whole Life Insurance are the premiums (cost) and length of coverage.  Term Insurance is temporary insurance, therefore, much less expensive.  Whole Life Insurance is permanent, therefore more expensive.  Carriers offer an array of various policies to cater to the diverse needs of people and businesses.  The type of policy best suited for an individual depends on one’s needs/goals, age, health, and budget.  


Term insurance is a great way to protect your family while children are growing, until a mortgage is paid off, or to have some sort of coverage while finances may be tight. Most Carriers offer 10-year Term, 15-year Term, 20-year Term, and 30-year Term policies.  This provides death benefit to beneficiary/beneficiaries, should one pass within the Term of the policy.


Whole Life Insurance is a permanent policy and can build cash value.  A permanent Life policy is the ONLY insurance you will ever pay for that you are guaranteed to have a claim.  We all expire at some point.  Whole Life Insurance is a great product for young children!  This is when the premiums are most affordable, and this gives the policy time to build considerable cash value as the young child ages.  Whole Life can be one of the best gifts to give.  Once individuals realize the need for Life Insurance, the premiums can become unaffordable.


Fortunately Carriers have become aware of the need of consumers and created what I consider a hybrid of a Term and Whole Life Policy.  They come with many different names; normally “No-lapse Guarantee” is included somewhere.  This is a permanent policy that does not build cash value.  It offers permanent coverage at a more affordable price.  This is the best product for many consumers between the ages of 20-45. In addition, all Life Insurance Policies offer “Riders” that offer many affordable enhancements to the various policies on the market.  Make sure you ask your agent about these Riders to get the maximum protection for your money!


It is always better to have some coverage than none!  Unfortunately there is no way for any of us to know when we may pass.  It is crucial to protect your family, your business, and everything you’ve worked hard to build.  Many are surprised how affordable Life Insurance can be.  Consumers typically spend more on one night out at a restaurant, their monthly cable bill, or their cell phone bill than they do on Life Insurance.


My team and I are always available and happy to answer any questions you may have about your current coverages or your potential needs! 

Kristi Shrum, Commercial Insurance Specialist - Insurance Service of Asheville, Inc. - kshrum@isa-avl.com
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