Term life insurance provides coverage for a stated period of time. Term life is the simplest form of life insurance and was developed to provide temporary life insurance on a limited budget. This coverage is perfect for short-term goals, such as paying off your college education, funeral costs or mortgages. The most common terms are 10, 15, 20, and 30 years.

Term life gives you the flexibility to change your policy should your temporary needs turn into permanent goals. You can convert all or some of your term coverage into a permanent policy for a lifetime of coverage.

What’s the difference between Term and Whole Life?

 

Term Life Whole Life
  • “Temporary” life insurance
  • Provides protection for a specified period of time (10, 15, 20, 30 years)
  • Does not build cash value
  • Coverage ends when the policy expires
  • Premiums may increase with age
  • Good for short-term insurance needs
 

  • “Permanent” life insurance
  • Provides protection for your entire life, as long as the policy is in place
  • Accumulates cash value which can be accessed at any time through policy loans
  • Premiums are set at a certain amount and do not change
  • Premiums are typically higher than term life premiums

 

Testimonial

"You're there for me no matter what I'm going through, most recently a move. I trust you and always have. I started using Neckerman after moving to Madison and meeting Doug Dittmann. Everyone treats me as if I'm special, especially my Personal Account Manager, Roya Romaine. She’s been with me for a long time, knows what’s important to me, and makes sure my needs are addressed. No reason to change. Your service is unparalleled! Nice to have people I can trust."

- Charlotte B.