Term Life Insurance: Is It Right for You?
Term life insurance covers you for a set number of years, usually 10 to 30, at a low cost while the term lasts. It is ideal for replacing income and protecting a mortgage during working years, but it expires and does not build cash value, so it is not usually the right tool for final expenses in retirement.
Compare
Term vs whole life at a glance
| Term life | Whole life / final expense | |
|---|---|---|
| Length | 10-30 years | Lifelong |
| Premium | Low, then expires | Level, never expires |
| Cash value | None | Yes |
| Best for | Income and mortgage protection | Guaranteed final expense coverage |