We look at the guarantees within whole life insurance policies and options for accessing the cash value. Here are ways to decide if whole life is right for you.

Pros of whole life insurance. Whole life policies provide benefits that may meet your insurance needs, such as: Insurance coverage is lifelong with a fixed premium and death benefit.

Before deciding the kind of insurance policy you want, make sure you understand how both primary types work. Whole vs. term life insurance. There is no one-size-fits-all answer when it comes to ...

For a healthy, nonsmoking man buying a $500,000 policy at 40 years old, the annual cost of whole life insurance is $7,440 compared with $334 for a 20-year term life policy.

Whole life insurance is more expensive than term life insurance, when the coverage amount and other factors, such as age and health status, are the same.

Unlike a whole life insurance policy, which remains in force until the policyholder’s death, a term life insurance policy has a set term. Everyday Life, for example, offers term life insurance ...

Unlike whole life insurance, term life policies only last for a certain period, usually 10 to 30 years. Other policies have terms that last until you reach a certain age such as 65.

Term life insurance offers simple, temporary coverage. Whole life lasts a lifetime and is more versatile, but costs more. Consider your budget and long-term needs when choosing.