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Comparing Whole Life and Term Life Insurance

For your life insurance and Medicare needs contact Adler Insurance in PrescottThe insurance experts at Adler Insurance understand that life insurance can be confusing. In order to make important decisions about life insurance in Prescott, it’s important to understand what is whole life and term life policies. Life insurance can be a very flexible and powerful financial tool that can meet multiple financial objectives, from providing financial security to building financial assets and leaving a legacy for the future. Deciding whether to purchase whole life or term life insurance is a personal decision that should be based on the financial needs of your beneficiaries, as well as your personal financial goals. Let’s look at some of the main features of term life and whole life.

Term Life Insurance

  • Provides death benefits only
  • Pays benefits only if you die while the term of the policy is in effect
  • Easiest and most affordable life insurance to buy
  • Purchased for a specific time period, such as 5, 10, 15, or 30 years, known as a “term”
  • Becomes more expensive as you age, especially after age 50
  • The term must be renewed if you want coverage to be extended beyond the term length
  • Can be converted to whole life insurance

Whole Life Insurance

  • Covers you for life
  • Provides death benefits
  • Cash value accumulation that builds during the life of the policy
  • You typically must qualify with a health examination
  • May be purchased without a medical exam, but at a higher cost
  • Takes 12 to 15 years to build up a decent cash value
  • Can be a good choice for estate planning
  • Cash value is based on how much the return on investment is worth
  • A portion of the cash value can be withdrawn or borrowed during the life of the policy
  • Initially has more expensive premiums than term life insurance, but can potentially save you money over the life of the policy if in force for a considerable number of years

There are other factors that will help you determine the type of life insurance policy that is right for you, such as:

  • Your current age
  • Your health
  • Financial needs of your family and the age of your children
  • Plans for funeral and death expenses
  • Your current financial situation such as mortgage and debts
  • Your feelings on potentially paying into a term policy and never receiving any of that value back


With all these things to think about, most people depend on an experienced insurance broker to help them find the right policy for their needs. For Prescott residents, help is as close as Adler Insurance. Call us today at 928-710-1455 and let's discuss the tyhpe of life insurance that is right for you.

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