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Life insurance is a great thing to have, especially when a person dies unexpectedly, but it is often hard to know what type of life insurance to buy. The two main types you could purchase are term life and whole life. Here are the top reasons people choose term life insurance instead of whole life insurance.

It is more affordable

If you were to compare the cost differences between term life and whole life, you would see a big difference. Term life insurance will always have lower premiums to pay than whole life, and this is primarily because it lasts for only a certain length of time. A term life insurance policy is one you buy for a set number of years, which could be 10 years, 20 years, or a different number of years, whereas whole life lasts for as long as you live. Whole life also offers a payout no matter what age you are when you pass away, but term life only offers a payout if you die within the timeframe of your life insurance policy. Because of this, term life is cheaper to afford.

It offers the main protection they need

The second reason people purchase term life is that it offers the main protection they need. People often buy it so that they do not leave their spouses and kids with a huge mortgage payment to make and other bills. For example, if you are a thirty-year-old man who is married and has 25 years left to pay on the mortgage, you could purchase a 25-year term life insurance policy. If you died, you could be certain that your wife would have enough money from the payout to pay off the house and have extra leftover to help raise the kids.

It can easily be converted to whole life at a later point

The other thing you should know is that if you purchase term life insurance, you can always upgrade to whole life at some point. Converting a term life insurance policy into a whole life insurance policy is not terribly difficult to do, and you could do this if you decide that term life is not enough coverage for you.

Having life insurance is important if you have a spouse and children. If you are interested in getting a quote for coverage, you can easily do so by going to sites like https://www.dainsurance.com/.