define term life versus whole life insurance
Term life insurance policies serve a purpose. So do whole life insurance policies. The purpose of term life insurance is to protect your family for a specific time period. If you buy the right term life insurance, it does the job beautifully well. On the other hand, whole life insurance has two purposes. The first is to protect your family. (And if you face estate taxes, whole life insurance does protect you against that problem while term life doesnât.) The second purpose of whole life insurance is to make insurance companies and agents lots of money.