covered by the insurance policy. Whole life insures a person until he or she dies—the policyholder’s whole life. Term life insures a person for a limited number of years,
the term. Insurance professionals are sharply divided over the merits of the two kinds of insurance. Term life partisans say whole life is a waste of money. Whole lifers disagree, arguing that whole life offers benefits not available in term life. Who is correct? That depends on the insurance consumer’s goals, risk tolerance, and investment savvy.
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Term life and whole life are similar in many ways. Both pay a death benefit when the policyholder dies while the coverage is in force. The death benefit can be small or large, depending on the goals of the insured. For example, if the life insurance consumer is concerned only about covering funeral and burial costs, then the death benefit probably would be in the $5000 to $10,000 range. If the consumer wants to ensure that his or her family will be able to maintain its lifestyle after his or her death, he or she would opt for a much larger death benefit—as much as 7-10 times his or her annual salary. This would allow the family to meet its expenses for several years after the death of the insured.