Term vs Whole Life Insurance
| Feature | Term Life | Whole Life |
|---|---|---|
| Duration | 10-30 years | Lifetime |
| Monthly Cost | $15-$50 | $100-$500+ |
| Cash Value | No | Yes |
| Best For | Temporary needs | Estate planning |
How Much Do You Need?
Rule of thumb: 10-12x your annual income
- Consider outstanding debts
- Factor in future education costs
- Account for spouse's retirement
- Include funeral costs ($10K-$15K)
Average Costs by Age
| Age | $500K Term (20yr) |
|---|---|
| 25 | $18/mo |
| 35 | $23/mo |
| 45 | $48/mo |
| 55 | $118/mo |
How to Save
- Buy young - rates increase with age
- Choose term over whole life
- Get healthy before applying
- Compare multiple carriers
- Consider no-exam options