Benefits

• The benefit of term life insurance is that it is inexpensive. The advantage of cash value insurance is that it provides a return of your premium dollars plus interest that can be used for any purpose throughout your entire life.
  
  

Drawbacks

• Term life insurance is temporary, generally lasting a maximum of 30 years. Cash value life insurance comes with premiums that may be five to 10 times the cost of term life insurance for the first 20 years of the policy.
  
  

Considerations

• Make sure you understand your need for life insurance. For example, if you only need mortgage insurance, then term life insurance is ideal. If you require burial insurance and want access to the premiums you've paid into the policy, then cash value insurance is ideal.