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| Whole life and term life differ in that whole life also includes an investment aspect. The dividends from those investments are what will ultimately pay the death benefit on your policy. Depending on what is important to you, whole life might be a better option for you. There is a good reason why whole life rates are higher. At the very least, your beneficiary will receive the death benefit after you pass away. When deciding on what kind of insurance policy to get, many people automatically default to a term life policy because the rates are usually cheaper. Upon further inspection, you will find that you get a lot more for your premium on a whole life policy than you do with a simple term life policy. While whole life insurance rates are typically higher than term life rates, this does not mean that it is not worthwhile to at least look into the reasons why whole life rates are so high. Another reason that whole life rates are. Unlike a term policy, in which you get nothing if you survive the term, you are guaranteed a return on your investment. When you pay a whole life insurance premium, that premium is invested in financial instruments, like stocks and bonds. |