What is the difference between whole life and term life insurance offered by Genworth?

Whole life insurance and term life insurance are two distinct types of life insurance products that are often offered by companies such as Genworth Financial. The primary difference between these two types lies in their structure, purpose, and duration of coverage. Whole life insurance provides lifelong coverage as long as the premiums are paid. It is a type of permanent life insurance that accumulates cash value over time. This cash value grows at a guaranteed rate and can be borrowed against or withdrawn by the policyholder, providing a potential source of funds during their lifetime. Because of the lifetime coverage and the cash value component, whole life insurance typically has higher premiums than term life insurance. On the other hand, term life insurance offers coverage for a specific period, usually ranging from ten to thirty years. It is designed to provide a death benefit to beneficiaries if the insured passes away during the policy term. If the insured outlives the term, the coverage ceases, and there is no cash value accumulated. Term life insurance is generally more affordable than whole life insurance, making it an attractive option for individuals seeking cost-effective coverage for a defined period, such as during their working years or while paying off a mortgage. Ultimately, the choice between whole life and term life insurance depends on individual needs, financial goals, and personal circumstances. It is beneficial for individuals to consider their long-term plans when deciding which type of life insurance might suit them best. For more detailed information or specific policy options, individuals may wish to explore the Genworth Financial website.