Term Vs. Whole Life: What’s Right for You?
September 16, 2025
Selecting a life insurance policy to protect your family can feel like a heavy responsibility — but with the right guidance, it doesn’t have to be.
Life insurance can feel overwhelming because it’s not just one size fits all. There are many options to sort through. But whatever your finances or life stage, the goals remain the same: peace of mind, protection, and legacy.
To help you find the right policy, let’s start with a closer look at the differences between term and whole life insurance.
What Is Term Life Insurance?
Simply put, term life insurance is a contract that promises to pay your beneficiaries a tax-free amount of money when you die. Coverage is for a set number of years — usually 10, 15, 20, or 30 years, depending on the policy. The younger you are when you sign up, the lower the premiums.
Term life insurance is simple, affordable, and a smart choice for budget-conscious families. An individual can pick a policy term that matches their family’s most important and vulnerable years. In the event the insured passes away, mortgage payments, tuition, and other expenses can be taken care of without financial strain.
Some families take an extra step and make sure the whole family is protected. 1891 Financial Life’s Juvenile Term Life insurance is available for children and teens ages 0 to 18.
What Is Whole Life Insurance?
In contrast, whole life insurance provides coverage for the insured’s entire life with the bonus of building cash value at a set interest rate. Although whole life costs more, it offers stability and long-term protection that lasts a lifetime.
Which Type of Life Insurance Is Right for You?
Deciding which policy to choose for your family depends on a number of factors, including your age, budget, family size, and long-term goals.
A young parent might choose term life insurance — that way, if he passes away before his kids turn 18, he can feel secure knowing his wife can cover monthly bills, college expenses, and more without financial strain.
On the other hand, someone seeking complete, lifelong protection may opt for whole life insurance. Whole life provides an avenue for passing on wealth and supporting heirs and important charities.
Whichever plan you choose, 1891 Financial Life’s representatives are ready to assist you with questions and can help tailor coverage to meet your needs.
Choose Coverage That Reflects Your Values
While both term and whole life insurance protect your family, they work in different ways. Term life covers a set number of years and is ideal for short-term needs, while whole life lasts a lifetime, supports estate planning, and ensures wealth passes to heirs and charities.
Peace of mind comes from feeling secure about safeguarding loved ones and preserving your legacy. Let 1891 Financial Life guide your life insurance decisions so you can move forward with confidence and the kind of protection you can count on.
At 1891 Financial Life, we specialize in providing tailored insurance solutions that cater to diverse needs. Our team is equipped to help you navigate these challenges with expertise and compassion. Contact us today for personalized assistance and to explore your options.
About 1891 Financial Life
Our culture is about looking out — for you, for others, for family, for the community. That is how we go “Beyond Life Insurance.”
At 1891 Financial Life, we don’t just sell policies, we offer possibilities. We pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs. In 2023, 1891 Financial Life was listed by Forbes as one of “The World’s Best Life Insurance Companies.”
Our portfolio is extensive, ranging from various life insurance policies to our annuities to support your financial needs no matter what stage of life you’re in.