Term and Whole Life Insurance: Explaining the basics

00:02:22 - 00:04:22
You're always looking out for your family.

00:04:22 - 00:07:04
And that's one thing that will never change.

00:07:04 - 00:09:07
But life changes all the time.

00:09:07 - 00:12:23
That's why understanding your life insurance options can be helpful,

00:13:00 - 00:18:01
so you can continue looking out for your loved ones, especially when they need it the most.

00:18:04 - 00:21:19
Whole Life and Term Life are two major types of life insurance,

00:21:20 - 00:26:16
both designed to help protect your family financially after you're gone.

00:26:18 - 00:30:13
So how do you know which of these might be right for you?

00:30:16 - 00:33:00
Whole Life provides coverage for the rest of your life,

00:33:00 - 00:38:17
has fixed monthly payments, and can't be canceled should your health decline, as long as your premium is paid.

00:38:21 - 00:43:02
Term Life provides temporary coverage for 10 years, 20 years, or more.

00:43:02 - 00:45:26
And for some people, it may have lower monthly payments.

00:46:00 - 00:49:29
It can also be converted to Whole Life insurance, if your needs change.

00:49:29 - 00:52:26
Families who select Term often choose to cover the years

00:52:26 - 00:57:24
they'd need financial support the most, like when their kids are in school or while they have a mortgage.

00:57:28 - 00:58:28
So in summary,

00:58:28 - 01:03:02
Whole Life is designed to provide coverage for your “whole” or entire life.

01:03:08 - 01:07:10
And Term Life covers a specific period of time, or term.

01:07:13 - 01:09:17
Have questions or want to learn more?

01:09:17 - 01:12:00
Explore more at TruStage.com