Term Life vs. Whole Life | Which Is Best | Boise Life Insurance

Hi there.

This is Chris with Boise Health and Life Insurance Agency.

Hey, today we're going to talk a little bit about the difference between term life and whole life or permanent life.

These plans you use them for totally different reasons.

Or maybe the same.

It just really depends on the situation and what you're trying to accomplish.

Probably one of the best websites you can go to out there is life happens dot org www.lifehappens.org. This website is all about life insurance, long term care, disability.

And it's a great resource.

So, please go out there and find out more about the different types of life insurance That I'm gonna show you here today in this video. 

Brooke Shields is their spokesperson for this year.

But here, under the insurance 101 tab. 

We have links about life insurance, disability, long term care.

You may also access their videos and the blog, with calculators to find out exactly how much life insurance you need, how much disability insurance you need choosing a company in an agent?

But you can always call us with any questions and we will be happy to help! We would love to work with you! 

This tab and link here will take you to the different types of life insurance and this is true.

They're coming down to term life or permanent. You have two options. One is for a temporary time frame the other is for your whole life or advanced ages. 

Now, with those two categories, there are different types of coverages.

Okay, but just click here and I'll take you to a link, and yeah, and then here they'll get into you.

This is one of the best explanations out there about term life insurance. It keeps it very simple in explaining how they work. 

Permanent Life Insurance: 

A lot of times when I'm working with clients, uh, it comes down to their age, their income, death benefit needs, and just really what they want to accomplish.

Okay, those were the four factors, but give our office call, speak with one of our agents. And actually, we do this a lot.

We give some permanent because we always know we're probably gonna have a little bit of a need and then the term plan for those short term needs, like mortgage protection college, etcetera.

Well, I hope you find this helpful. Please go to this website.

www.lifehappens.org and it will answer a ton of questions for you and If you have more questions, give our office a call or send me a note and we'd love to chat with you and try and help you out with your life insurance needs.

How much does life insurance cost?

Term life insurance is the easiest to understand and has the lowest prices. It covers you for a fixed period of time, like 10, 20 or 30 years. You can get life insurance quotes online.

Whole life insurance is more complex and tends to cost more than term, but it offers additional benefits. Whole life is the most well-known and simplest form of permanent life insurance, which covers you until you die. It also provides a cash-value account that you can tap for funds later in life.

What is term life insurance?

Term life insurance provides coverage for a certain time period. It's often called “pure life insurance” because it's designed only to protect your dependents in case you die prematurely. If you have a term policy and die within the term, your beneficiaries receive the payout. The policy has no other value.

What is whole life insurance?

Whole life insurance provides lifelong coverage and includes an investment component known as the policy's cash value. The cash value grows slowly in a tax-deferred account, meaning you won't pay taxes on its gains while they're accumulating.

You can borrow money against the account or surrender the policy for cash. But if you don't repay policy loans with interest, you'll reduce your death benefit, and if you surrender the policy, you'll no longer have coverage.

Thank you.