Term vs Whole Life Insurance in Oklahoma City

Term vs Whole Life

Many residents in Oklahoma City, Oklahoma ask which is better?  Low cost term life insurance or higher cost whole life insurance.  Both products serve the same purpose and understanding the difference is important when choosing life insurance.  The agents at Rightway Insurance can help with questions when making a life insurance decision.

Term Life Insurance - Term Life insurance is for a certain period, usually between 5 and 30 years.  Most people out live their term life insurance policies and usually only 10% of term life is claimed.  Term Life is typically used to protect the family from financial hardship if something tragic happens. 

Whole Life Insurance - There is no time period for whole life, it is for your whole life.  Your health and age would determine the premium.  Good whole life policies also cover your final expenses. 

Whole life insurance policies are typically about 8 times more than a term life policy.  So consult your Rightway Insurance life insurance specialist about purchasing a term life policy and combining the savings there into retirement.