Term Life vs. Whole Life Insurance

What kind of life insurance policy do I need?: dad on the playground with his kids

Life insurance can be divided into two basic categories: term life insurance and whole life insurance. Each type offers advantages for individuals. It is important to understand the differences between term life and whole life insurance when planning for your family's future.

Term life insurance provides coverage for a specific period of time or term. Policies may offer an initial term of 10, 15, 20 or 30 years. At the end of the initial term, the policy may be renewable for an additional number of years.

"It is important to understand the difference between term life and whole life insurance when planning for your family’s future."

Whole life insurance provides coverage for the entire life of the insured. It also builds cash value that can be borrowed in the future. Cash value will grow to equal the amount of the death benefit at age 100.

Gerber Life's Term Life policies offer:

  • A 10, 15, 20 or 30-year level term.
  • A premium and death benefit that are guaranteed for the entire initial term.
  • A policy that is renewable annually at the end of the term.
  •  An opportunity to convert to a whole life policy.
  •  Advisers who do not work on commission.

Gerber Life's Whole Life policy offers:

  • Life insurance coverage for your entire life.
  • Premiums and death benefits that are guaranteed.
  • Cash values that grow over time and can be borrowed.
  •  A waiver of premiums should you become totally disabled.
  •  Advisers who do not work on commission.
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