Choosing the right type of life insurance doesn’t have to be confusing.
Amica Life representatives can help you understand the differences between term life insurance (coverage for a specific period of time) and whole life insurance (coverage for your entire life). And we can discuss which option is right for you.
Here is a quick overview to explain the differences:
About term life
Term life insurance may be right for you if you need help protecting your income for a specific period of time. It will also help your family cover ongoing expenses and maintain their standard of living if you’re not there to provide the income they rely on.
Advantages of term life
- You pay for the coverage you need for the period of time you need it
- Rate and coverage amount stay the same throughout the selected period of time
- Lower current cost than whole life, but does not provide lifetime coverage
- Generally convertible to whole life, which provides lifetime coverage6
- If you qualify, you can get this valuable term life protection with no medical exam¹
- Policy includes a Terminal Illness Rider that allows you to receive a portion of the benefits if you become terminally ill²
|Level term3||$100,000 to
|10, 15, 20, 25,
How much term life coverage is right for you? Use our needs calculator to find out.
About whole life
If you want to help protect your family for your entire life, whole life insurance may be the better coverage for you. Whole life will help to ensure your family is not burdened by final expenses or medical bills if you’re not around.
Advantages of whole life
- Provides lifetime coverage
- Premium rates are fully guaranteed and will not increase over time
- Cash value accumulates over the life of the policy
- Coverage amount will not decrease as you get older and is guaranteed for your lifetime
|Whole life4||$25,000 to $1,000,000+|