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Life insurance is one of the most important financial decisions you’ll ever make—but it can also be one of the most confusing. At Unisource Insurance Associates, we simplify the process by breaking down the key differences between term life and whole life insurance so you can make an informed decision that fits your goals, budget, and stage of life.
What is term life insurance?
- Definition: Provides coverage for a specific period of time (often 10, 20, or 30 years).
- Cost: Typically more affordable, making it ideal for families on a budget or those seeking high coverage for a lower premium.
Best for:
- Replacing income during working years.
- Covering a mortgage or large debts.
- Protecting young children until they are financially independent.
- Key Consideration: Once the term ends, coverage stops unless you renew or convert to a permanent policy.
What is whole life insurance?
- Definition: Provides lifelong coverage as long as premiums are paid.
- Cost: Higher premiums compared to term, but part of the premium builds cash value that you can borrow against.
Best for:
- Long-term estate planning.
- Building cash value for future financial needs.
- Leaving a guaranteed legacy or inheritance.
- Key Consideration: More expensive, but offers both protection and a savings component.
How can life insurance protects you.
Use the yellow hot spots and explore how life insurance can help protect against common risks.
Providing for Your Family
Risk Factor
Raising a child can be a rewarding life experience, but it is also very expensive. It costs hundreds of thousands of dollars to raise a child to age 18, with college tuition, fees, room, and board resulting in another potentially enormous expense. If you were to die tomorrow, would funds be available to provide for food, clothing, day care, and educational expenses for your child?
Solution
Having life insurance could secure the future for your children if you have an untimely death. With a life insurance policy, there could be enough income to help pay for everything your child might need while growing up.
Mortgage Payments
Risk Factor
After your death, any outstanding debt and financial obligations do not disappear. Your home is probably the costliest and most significant property you own. A mortgage payment is a large burden for a spouse or partner to carry.
Solution
A life insurance policy would allow your spouse or children to pay off your outstanding debts and spare them the stress of making monthly payments on the home.
Auto Payments
Risk Factor
Many families lease or finance their automobiles these days. If the primary earner in the family were to die, the family could be left with outstanding car payments for years to come.
Solution
A life insurance policy would allow your spouse or children to pay off your outstanding debts and spare them the stress of making monthly payments on your car(s).
Funeral Costs
Risk Factor
An average funeral can cost tens of thousands of dollars, and that's without unnecessary options or luxurious services. A death in the family is stressful enough; why add the hefty bill of a funeral to that stress?
Solution
A life insurance policy can easily cover the cost of a funeral. Your family will be able to think of you and have peace of mind without being burdened by funeral costs.
Protecting Your Retirement Savings
Risk Factor
Once you retire, you will be living off social security, and if you are lucky to have them, a pension or retirement fund, too. But what if the surviving spouse has been relying on you to fund retirement for the couple? Premature death of an earner can affect sources of retirement benefits such as Social Security.
Solution
Life insurance can help support a surviving spouse during their retirement.
Protecting Your Small Business
Risk Factor
If you passed away, would your business suffer? There are many complications and financial issues that can arise due to the death of a business owner. Many people overlook this predicament.
Solution
A life insurance policy can keep a business moving along even during tough times, such as the loss of the business owner/partner. Key person life insurance is payable to the company and provides money for training and hiring of a new employee. A buy-sell agreement, funded by life insurance, allows the other partners in the business to buy the deceased’s share of the business, which will provide money for his or her family.
Spousal Support / Income Replacement
Risk Factor
Many people mistakenly think that they don’t need life insurance if they don’t have children or if their children are grown. However, your financial responsibilities fall to your family when you are gone.
Solution
Life insurance can replace the income you would usually bring in and help support your spouse or adult children, ensuring your loved ones are able to maintain the lifestyle they're accustomed to.
How Unisource can help:
Choosing between term and whole life insurance isn’t a one-size-fits-all decision. That’s why our independent agents work with you to:
- Review your family’s current and future financial needs.
- Compare policies from top-rated carriers.
- Explain premiums, benefits, and options in clear, simple terms.
- Help you build a strategy that aligns with both protection and wealth goals.
Secure your family’s future with the right life insurance policy.
Call 414-774-7040 or email today for a free consultation on term vs. whole life insurance. We’ll help you choose confidently, so you can focus on what matters most—protecting the people you love.