What is term life insurance?
If you’ve ever asked yourself ”what does a term life insurance policy entail?”, “what’s the difference between term vs whole life insurance?” or “how much does life insurance cost?” you’re not alone. Life insurance jargon can be confusing, but fret not! Wysh is your go-to guide on all things coverage.
What is life insurance?
Term life insurance covers a policyholder for a set number of years. Insurers can have strict guidelines on how long a term policy is active for (usually, 5, 10, 20, or 30 years).
Wysh offers term lengths that you can tailor according to what you need. Whether it's 2 years, 16 years, or 27 years, the choice is yours.
What’s the difference between term vs whole life insurance?
While there are different types of life insurance, customers typically shop for either whole or term policies. Whole life insurance is permanent life-long coverage that comes with a cash value you can borrow money against.
With that said, whole policies tend to have high premiums. Any money borrowed against it has to be paid back in full to avoid a decreased death benefit. Also, if the account is closed before you die, there may be tax repercussions.
We are partial to term life insurance because it’s the simplest way to get financial freedom and protection for your family.
Learn more about term vs whole
Bottom line: Term life insurance can be the best, more cost-effective option.
The younger and healthier you are, the less expensive your monthly cost can be.
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