how does term life insurance and whole life insurance differ
Whole life insurance, or whole of life assurance (in the Commonwealth of Nations), sometimes called straight life or ordinary life, is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date.
All term life insurance products provide a death benefit at a set price for a specific period of time â usually between 10 and 30 years. As the policyholder, you have the option to pay a monthly, quarterly, semi-annual, or annual premium for the length of your term period.