3 minute readLife
Term insurance covers a set period — usually 10 to 30 years — at the lowest cost per dollar of protection. Whole life costs substantially more but lasts for life and builds cash value. For most families with a mortgage and kids at home, term solves the problem the coverage exists to solve.
What you need to know
Term: maximum protection per dollar
Best when the need has an end date: a mortgage payoff, kids reaching independence, retirement.
Permanent: lifelong need or estate planning
Useful for lifetime dependents, business continuity, or estate liquidity.
Blending is common
A large term policy plus a smaller permanent policy is often the practical answer.
Common mistakes
- Relying only on employer coverage, which is small and not portable.
- Waiting to buy, when age and health only make pricing worse.
- Insuring the earner and not the parent doing unpaid household work.
- Leaving outdated beneficiaries on the policy.
- Buying a term length that expires before the need does.
When to talk to an agent
Talk to an agent when someone becomes financially dependent on you, when you take on a mortgage, when your health or income changes, or when you want a real number instead of a guess.
Frequently asked
This article is general information, not a policy or a promise of coverage. What your policy pays depends on its specific terms, limits and exclusions. Ask us to review your actual policy before making a decision.