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This is a quick overview of how each type works so you can better understand the differences between whole and term life.

You can easily protect your family's financial future by buying whole life insurance without worrying about policy expiration. As with all life insurance products the whole life pays a death benefit that is tax-free to your beneficiaries. The main difference between life insurance products is that it lasts throughout your entire life.

Your whole life insurance quote will be higher if the insured is older. This is due to your declining life expectancy. Rates depend on when the policy will be paid up. That is, how much premiums you've paid.

The accumulated cash value of whole life insurance can be used to pay for other expenses, such as those mentioned above, or for supplemental retirement income.2 Whole life insurance is not an investment. However, it can diversify your portfolio and offer additional security for you and for your family.

While term life insurance is generally more affordable than whole life, it's still a good option for people who have high net worth or long financial responsibilities.

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A whole life insurance policy can be used to provide financial support for your loved ones and charitable organizations.

The whole-life insurance dividend is another option. The company's performance in the past year may determine whether this annual payment is given to policyholders. While dividends cannot be guaranteed, they can be used if you do receive one.

You can provide for your family after your death by purchasing whole-life insurance. A portion of your premium is set aside for cash value growth, much like building equity in your house.

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If you own a company and want to transfer liquid assets to your family.

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If you're starting out in a career where you have a lot to earn, it's cheaper and more affordable to buy your entire lifetime when you're young.

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Your financial protection needs change with the passage of time. It would be a smart idea to look into whole-life insurance if you can relate to any one of these items.

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If you are a business owner and need to give liquid assets to your family members or company.

Premiums are determined by your health and age when you purchase the policy. They tend to be lower for those who are younger. The policy is yours until you cancel it. It's a great deal to lock in rates as a young person. This can help you save money in the long-term. You decide which payment option suits you best.

how much is whole life insurance per month