Term vs. Whole Life Insurance

I created this video to answer a very common question that people have, which is, should I buy term life insurance or whole life insurance. Unfortunately when you Google 'term vs whole life insurance' you find many different opinions. In this video, I help break it down for you.

Transcript: Term VS Whole Life Insurance

In this video, I'm going to tell you about the truth on term versus whole life insurance. Undoubtedly, if you've Googled term versus whole life you've probably found about 20 to 30 different results, with different opinions from different people and you may not be sure what's the best way to go. I'm going to give you some tips on trying to figure out whether you should go with term life or should you go with whole life. Here's the answer. First thing you need to do when deciding on life insurance, is to figure out how much life insurance coverage you need. On our website, under the footer under life insurance tools, you can find a link to a calculator that will help you do that. Once you know how much insurance you need, the second step is figuring out what's the cost.

Okay. Let's do some comparisons. What's the cost for term life? What's the cost for whole life? Once you get those quotes, you're
probably going to get some sticker shock; because whole life insurance is a lot more money than term insurance and at that point
you might just say you know what I'm going to get term life because it's a lot more affordable to me, and you're not going to have this question in your mind about term vs. whole life insurance.

If you realize that you can afford whole life insurance great it might be a good thing for you, if its not affordable to you go with
term life because the most important thing you could do is get the right amount of coverage and get enough coverage. Most Americans underestimate how much coverage that they really need. For example, there is a type of insurance out there called guaranteed universal life, which is some where in between term and whole life. It's not temporary and it's not for a certain amount of years like term is for 10, 20, or 30 years, it's permanent life insurance, but double build up cash value like whole life, and so the cost is lot less than whole and that may be an appropriate decision for you.

Lastly, remember that you don't have to get term, universal, or whole life alone you can always get a combination of some term insurance and some permanent insurance. For 99% of Americans, you're just going to need coverage for a certain amount of time. If you have young kids or if you have a mortgage and you want to get coverage for 20 or 30 years, then term insurance is the way to go. If you earn a very high income and you can afford whole life insurance you may want to consider getting a combination; and if you know for sure that you need permanent life time insurance I suggest that you look at guaranteed universal life.

If you click the link below this video you'll find a link to our website and you can fill out a quote request form there and we'll
work with you to find out how much coverage you really need compare quotes from over 30 different companies and work with you to figure out whats the best type of policy for you?

In this video I'm going to tell you the truth about term versus whole life and what should you get. In this video, I'm going to tell you the truth about term versus whole life and what should you get. Coming up. Is that good? Like,I can edit. Let me do it twice.
In this video I'm going to tell you the truth about term versus whole life, and what should you get.

Author: Liran Hirschkorn