Domestic US Life Insurance
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Term Life Insurance vs Whole Life Insurance
There are two main types of life insurance: term and whole life.
It is common to wonder which type of insurance is right for you. Ultimately, the question to ask is: which one best suits your needs?
Term Insurance: Provides coverage for a specified period of
time and pays a benefit if you pass away during the term.
Why Consider Term?
• Cost-effective coverage compared to
whole life insurance.
• Ideal for those who need coverage for a
specific period of time.
• Supplement whole life insurance.
• Can be renewed at annually increasing rates
without proving insurability.
• Possibility of converting it into a whole life insurance policy later on.
• Income tax-free death benefit. *1
Whole Life Insurance: Provides lifetime coverage and can
provide cash value accumulation within the policy.
Why Consider Whole Life?
• Lifetime*2 coverage as long as premiums are paid.
• Tax-deferred growth of policy cash values.
• Liquidity through policy loans *3.
• Can help supplement retirement income *4.
A stable financial asset on your balance sheet.
• Income tax-free death benefit.
Long-Term Considerations:
Do you want coverage for a specific period of time or do you want lifetime*2 coverage?
Studies show that many people are living longer.*5 This is important to consider when selecting life insurance. If you select term insurance, you may be at a higher risk of outliving your policy.
Are you more interested in a short-term, cost-effective option, or would you like the opportunity to build up cash value
overtime?
If you select whole life insurance, the cash value grows tax-deferred over the life of the policy and can be accessed through a loan to help provide an emergency fund or to supplement educational expenses or retirement income.*3
Term insurance can be cost-effective, but there is no cash buildup.
Would a combination of the two work for you?
A combination policy can offer some of the advantages of both types of insurance. By combining a smaller whole life policy and a term life policy that can convert into whole life, you can have an affordable plan that meets your protection needs while also establishing a lifetime asset.
Additional information
1* Life insurance benefits are usually included in one’s estate. While beneficiaries generally receive death benefits free of income taxes, your estate may be taxed. A tax advisor should be consulted if your estate is sufficiently large to be subject to estate taxes.
2* Whole life policies have a maturity date at which time cash value is distributed.
3* In the early years of the policy term, there is usually not enough loan value. Outstanding loans reduce the death benefit.
4* Withdrawals to supplement retirement income are treated like a policy loan.
5* U.S. National Center for Health Statistics; Centers for Disease Control and Prevention; Health, United States, 2016 Report; Published 2017 C5699 (9/18).

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- (203) 900-3353
- www.calics.com