Term vs. Whole Life Insurance

Term vs. whole life insurance: which is best?

A lot of people have asked the question: which is the best way to go with life insurance? Term life insurance provides basic coverage against loss of life, and tends to be less expensive, while whole life insurance has an investment component as well. But when you're buying life insurance there also are other important questions to consider. For instance, who will you choose as an insurance provider? And it doesn't just have to be whole vs. term life - there are other valuable options. For help in the term vs. whole life insurance debate - and for a provider you know and can trust - contact your local John Hancock financial professional.

John Hancock professionals can help decide on term vs. whole life insurance

With a record of success and customer satisfaction stretching back to 1862, John Hancock and the financial professionals who represent the company can provide you with answers to the term vs. whole life insurance question. And with a wide array of insurance and investment products at their fingertips, John Hancock professionals can help you solve other important issues, like choosing between fixed and variable annuities, or whole, universal, and variable life insurance. Once your John Hancock representative has helped you make these decisions, in a way that makes sense for you, you can work to develop a whole strategy for financial stability that will protect your family and build financially for retirement, college tuition and more.

Important factors in the insurance debate

There are several key elements to the whole life vs. term life issue. The first is length of coverage. You purchase a term policy for a set period of time - one year up to 20 years, generally. Whole life, on the other hand, is permanent insurance that you keep for your entire life.

The second issue is cost. Term life premiums tend to be less expensive and you can determine the premium schedule - quarterly vs. monthly vs. annually. Whole life premiums can also be scheduled at your preference but are more costly, because part of the payment is invested and the value of the policy grows over your lifetime, making whole life a strong investment choice.

You can think of choosing between term and whole insurance like choosing between renting and.owning a house. With whole life, you gain equity that can be saved for other purposes or passed on to your heirs.

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