{"id":362,"date":"2022-08-29T18:05:54","date_gmt":"2022-08-29T18:05:54","guid":{"rendered":"https:\/\/rm73v2idht.onrocket.site\/?p=362"},"modified":"2022-11-22T18:48:58","modified_gmt":"2022-11-22T18:48:58","slug":"term-life-insurance-vs-whole-life-insurance","status":"publish","type":"post","link":"https:\/\/blog.integrityfirstins.biz\/?p=362","title":{"rendered":"Term Life Insurance vs. Whole Life Insurance"},"content":{"rendered":"\n<figure class=\"wp-block-embed-youtube wp-block-embed is-type-video is-provider-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Term Life Insurance vs. Whole Life Insurance\" width=\"584\" height=\"329\" src=\"https:\/\/www.youtube.com\/embed\/ZA5-BMkcYOI?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>Labor Day is upon us, which means it&#8217;s the month of September, which brings us back to the fact that September is Life Insurance Awareness Month. You know, when most people think about life insurance, they&#8217;re usually thinking about two different types of policy &#8211; either a term life policy, or a whole life insurance policy. Do you know the difference?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Term Life Insurance<\/h2>\n\n\n\n<p>My opinion is pretty straightforward and pretty cut and dry. Term Life insurance is just that &#8211; it&#8217;s only life insurance. You purchase the policy for a certain amount of time, and you have the life insurance for the length of that term, or that amount of time. <\/p>\n\n\n\n<p>Most people consider a term life policy when they&#8217;re buying a house. Let&#8217;s say you buy a house for about $300,000; you have a 30-year mortgage on it, you then go out and you buy a 30-year term life policy for $300,000. In the unfortunate event that you perish during that term, the $300,000 is paid out, and that goes to pay off the mortgage on the house. There is no cash value at the end of the 30 years. <\/p>\n\n\n\n<p>If you&#8217;re fortunate enough to live a long life and you live past that 30-year term, the insurance just ends, and you walk away from the contract.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Whole Life Insurance<\/h2>\n\n\n\n<p>Whole Life insurance is a little bit different. Whole life insurance does have a savings component associated with it. Therefore, every time that you pay your premium, a certain amount of that premium will go to pay for the life insurance and a certain amount of that premium will go into an investment vehicle. <\/p>\n\n\n\n<p>At some point during the term of that whole life policy, you&#8217;ll start to build up a little bit of a nest egg or a value or sum that you&#8217;re able to withdraw from. Some of them allow you to even take a loan against it. Again, in the unfortunate event that you do pass during the term of whole life insurance policy, the life insurance proceeds are in fact paid out.<\/p>\n\n\n\n<p>But again, if you do live that long and happy life, and you live past the term of that whole life insurance policy, you will in fact have a nest egg that you can withdraw or take a loan from and spend any way that you want to.<\/p>\n\n\n\n<p>One thing to keep in mind is that term life insurance policies are usually less expensive than a whole life policy. I hope this little bit of information helps you decide which type of life insurance is best for you.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Labor Day is upon us, which means it&#8217;s the month of September, which brings us back to the fact that September is Life Insurance Awareness Month. You know, when most people think about life insurance, they&#8217;re usually thinking about two &hellip; <a href=\"https:\/\/blog.integrityfirstins.biz\/?p=362\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-362","post","type-post","status-publish","format-standard","hentry","category-life-insurance"],"_links":{"self":[{"href":"https:\/\/blog.integrityfirstins.biz\/index.php?rest_route=\/wp\/v2\/posts\/362","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.integrityfirstins.biz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.integrityfirstins.biz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.integrityfirstins.biz\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.integrityfirstins.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=362"}],"version-history":[{"count":1,"href":"https:\/\/blog.integrityfirstins.biz\/index.php?rest_route=\/wp\/v2\/posts\/362\/revisions"}],"predecessor-version":[{"id":363,"href":"https:\/\/blog.integrityfirstins.biz\/index.php?rest_route=\/wp\/v2\/posts\/362\/revisions\/363"}],"wp:attachment":[{"href":"https:\/\/blog.integrityfirstins.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.integrityfirstins.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.integrityfirstins.biz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}