What is the difference between cash value and term life insurance?
More term life insurance is purchased than cash value life insurance because of how much lower term life’s premiums are. For example, a 30-year-old male might pay $65 per month for a $250,000 30-year level term policy and pay $225 per month for a whole life insurance policy.
How much does life insurance cost per month?
For example, a 30-year-old male might pay $65 per month for a $250,000 30-year level term policy and pay $225 per month for a whole life insurance policy. This is because the cost of insurance for cash value life insurance policies is higher than term life.
Why do life insurance agents sell cash value life insurance?
Some life insurance agents sell cash value life insurance because it pays higher commissions than term life insurance does, but many life insurance agents sell it because they believe it’s the smartest long-term purchase a life insurance buyer can make.