Log In
Not signed up? Register now.Other Products
NYLIFE Securities
MainStay Mutual Funds
Retirement Plan Services
Quick Links
- Home
- Compare Products
- Whole Life vs Term Life
Whole Life vs Term Life
When you're thinking about your family's finances, ensuring that your income is protected now and in the future is important. Life insurance can help you do that. Whole and term life are the most common types—and each has its benefits. Many people decide that a combination works best. Take a look at how term and whole life compare.
When you're thinking about your family's finances, ensuring that your income is protected now and in the future is important. Life insurance can help you do that. Whole and term life are the most common types—and each has its benefits. Many people decide that a combination works best. Take a look at how term and whole life compare.
The basics
Whole Life Insurance
Guaranteed lifetime protection and access to cash value that's guaranteed to grow.
Term Life Insurance
Coverage for temporary needs with options that allow you to prepare for the future.
Length of coverage
Whole Life Insurance
Guaranteed lifetime protection as long as your premiums are paid.
Term Life Insurance
A set period of time, usually 10 to 20 years.
How you pay
Whole Life Insurance
Premiums are guaranteed never to increase, and there are options for how often and how long you pay—monthly, quarterly, or yearly.
Term Life Insurance
Pay premiums for as long as your coverage lasts. With many policies, premiums are locked in for a set period, and may be less expensive than whole life premiums during that period.
Cash value and growth
Whole Life Insurance
Guaranteed cash value growth that can be accessed when needed and may increase through dividends, when paid. These benefits accrue tax deferred, allowing you to maximize your savings.
Term Life Insurance
None.
Life insurance benefits
Whole Life Insurance
Death benefits can be transferred to beneficiaries tax free.
Term Life Insurance
Death benefits can be transferred to beneficiaries tax free.
The guarantees of a whole life policy are based on the claims-paying ability of the issuer.
