Direct answer
Yes, term life insurance is significantly cheaper than whole life because it provides coverage for a specific period without an investment or cash-value component.
Standard actuarial pricing models and insurance premium comparison tables provided by the NAIC. For additional information about insurance products and consumer guidance, see the National Association of Insurance Commissioners website.
What this means for you
Yes, term life insurance is significantly cheaper than whole life because it provides coverage for a specific period without an investment or cash-value component.
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