What is term life insurance and how is it different than whole life insurance?
Term life insurance is intended to cover your life for a specified period, or term (typically 5, 10, 15, 20, or 30 years). As long as you pay the premiums during that term, your beneficiary is entitled to the insurance proceeds.
Whole life provides lifelong coverage and includes an investment component known as the policy’s cash value. Whole life is permanent so the premium remains the same for as long as you live and the death benefit is typically guaranteed.
Invest Forward offers term life insurance because it is significantly cheaper and typically sufficient for those individuals in need of life insurance.