Why are whole life insurance rates so much higher than term life
Whole life insurance is insurance for the rest of your life. You can keep your policy up until age 100.
This policy can never be taken away from you. Term life insurance policies remain in force for limited periods of time.
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You can buy a 5 year term policy, a 10 year term, 15 year term,
20 year term, 25 year term and 30 year term. The shorter the term period
the cheaper the policy.
A 5 year policy will cost less than a 10 year policy. A 15 year policy will cost less per year than a 20 year term life policy.
Why is this? If you take some time to think about it you will realize that the longer the duration the longer the company is at risk. It therefore costs more to own a whole life policy than it would cost for a term policy.
Whole life insurance premium costs are higher for this reason and for other reasons as well.
Whole life insurance
This means that if you decide you don't want to keep your policy after a
few years, for example, there is something in it for you. Whole life
has guaranteed cash values which accumulate interest.
Whole life also has dividends added to the cash values if the company does a good job of keeping down expenses and also does well with their investments. Dividends are not guaranteed.
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