Term vs. Whole Life Insurance Calculator
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Term Total Premiums$6,000.00
Whole Life Total Premiums$96,000.00
Invested Difference Value$195,347.50
Term + Investing Advantage$285,347.50
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Frequently Asked Questions
Is term or whole life insurance better?
For most people, term is better. It costs 5–15× less for the same coverage. The 'buy term and invest the difference' strategy typically leaves you with more wealth than a whole life policy.
What is term life insurance?
Term life insurance provides coverage for a specific period (10, 20, or 30 years). It pays a death benefit if you die during the term. It's significantly cheaper than whole life and is recommended for most people.
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