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Los Angeles, CA – Difference Between Term and Whole Life Employee Insurance

SYNOPSIS: Unsure of which type of employee insurance is right for you? We break down the key differ-ences between term and whole life policies and considerations in implementing insurance in your office.

Comparing Whole and Term Life Employee Insurance

BY: Eric Sanchez, Employee Retention Benefits

As a business owner, you want to ensure your employees are taken care of in the event of an unforeseen circumstance, especially with jobs that may put employees at high risk. By offering life insurance, you can mitigate the risk that comes with the circumstances of the job by providing some protections for your employees. But what kind of life insurance should you offer them? Should it be term or whole life insurance?

To help you make the best decision for your company, let’s take a look at the differences between term and whole life employee insurance.

What Is Term Life Insurance?

Term life insurance is one of the most commonly found types of life insurance. It can also be one of the most accessible forms of life insurance in terms of price. Term life insurance offers protection for a set period, after which the policy expires. The way term life insurance is relatively straightforward. Most term life policies last for 10, 20, or 30 years. The beneficiary receives the death benefit if the policyholder dies during this time frame. If the policyholder does not die during the time frame, no death benefit is paid out. This makes term life insurance a good choice for people looking for temporary life coverage and those on a budget.

What is Whole Life Insurance?

Whole life insurance, on the other hand, offers lifelong protection. Your coverage will never expire if you continue to pay premiums. Whole life insurance also builds cash value over time. This cash value can help pay premiums or borrow against them in future years. Whole life insurance is more expensive than term life insurance because it offers lifelong protection. In fact, it can cost up to 15 times more than Term Life Insurance. However, it may be worth the extra cost for some people. Those looking for lifetime coverage and those who want to build cash value may find whole life insurance a good choice.

When it comes down to it, deciding between term and whole life employee insurance comes down to your needs as a business owner and the needs of your employees. Both types of employee insurance have their own set of benefits that make them ideal for different businesses and different employees. The best way to decide which type of employee insurance is right for you is to sit down with our team of experts and discuss your options. We will help you choose the type of employee insurance best suited for your business so you can have peace of mind knowing your employees are taken care of in an emergency.

At Employee Retention Benefits, we offer best-in-class whole life and term life insurance plans to provide clear value for your employees. With over 129 carriers and decades of experience, we’re confident our guidance through the process of selecting life insurance will be a breeze for you and your team. Our work serving the Los Angeles, CA area over the years makes us a reputable leader in the insurance provider space. Get in touch with our team today to get a free quote of our whole life and term life insurance plans!

“Best Employee Benefits Insurance Company in Pasadena, CA”

Top Rated Local Employee Benefits Provider / Firm / Consultants / Specialists

Los Angeles County: Pasadena, Los Angeles, Riverside, Long Beach, San Bernardino, CA

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“Best Employee Benefits Insurance Company in Pasadena, CA”

Top Rated Local Employee Benefits Provider / Firm / Consultants / Specialists

Los Angeles County: Pasadena, Los Angeles, Riverside, Long Beach, San Bernardino, CA

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Eric Sanchez

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Los Angeles, CA – Difference Between Term and Whole Life Employee Insurance