Compare Term vs. Whole Life Insurance
⭐ Product Highlights ⭐
Affordable Coverage ,Time-Specific Protection, Financial Security, Simple to Understand
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- Lower premiums compared to permanent policies.
- Coverage lasts for a set term (e.g., 10, 20, or 30 years). If you outlive your policy, your beneficiaries won't receive any money
- Provides a payout to beneficiaries if you pass away during the term.
- Ideal for those seeking straightforward, temporary coverage.
⭐ Product Highlights ⭐
Lifelong Coverage, Cash Value Growth, Fixed Premiums, Legacy Planning
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- Guaranteed protection for your entire life.
- Builds savings over time that you can borrow against or withdraw.
- Payments remain consistent for the life of the policy.
- Ensures a payout for loved ones regardless of when you pass away.
⭐ Have More Questions? ⭐
Not Sure Which Life Insurance Policy is Right for You? We've Got You Covered!
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- Get a Northwestern Mutual policy and have a licensed agent contact you.
- Receive personalized guidance to find the policy that fits your needs.
- Explore both term and whole life options with expert help.
Who Needs Term Life Insurance?
- Young Families: To provide financial protection for dependents during key earning years.
- Homeowners: To cover a mortgage or other significant debts in case of an untimely death.
- Budget-Conscious Individuals: Those who want affordable coverage for a specific period.
- Short-Term Needs: Ideal for people seeking coverage for temporary responsibilities, such as children’s education or income replacement.
Who Needs Whole Life Insurance?
- Long-Term Planners: Those focused on lifelong coverage and leaving a legacy for heirs.
- Estate Planners: To cover estate taxes or ensure a financial inheritance.
- Wealth Builders: Individuals interested in using cash value growth as a financial asset.
- Final Expense Coverage Seekers: People looking for guaranteed funds to cover funeral and other end-of-life costs.
Legal & General Life Insurance
About Legal & General America Term Life Insurance:
Legal & General America, backed by 180+ years of global experience through the Legal & General Group, offers term life insurance through Banner Life and William Penn, depending on your state. Their policies are built for real-life—simple, flexible, and affordable. Coverage starts at $100,000, with guaranteed level premiums and a tax-free death benefit. Optional riders, conversion to permanent coverage, and accelerated underwriting may also be available based on your health.
- Term Lengths
- 10, 15, 20, 25, 30, 35, or 40 years
- Coverage Amounts
- $100,000 – $10,000,000+
- Premium
- Locked-in rates for the full term
- Convertibility
- Option to convert to permanent coverage with no new medical exam
- Death Benefit
- Tax-free lump sum paid to beneficiaries
Cost and Affordability:
Policies can cost as little as $8 per month, depending on your age, health, term length, and coverage amount. Legal & General America is consistently rated among the most affordable term life insurers for healthy individuals.
Eligibility & How to Apply:
U.S. residents ages 20 to 75 can apply online by requesting a personalized quote. Most applicants complete a brief health review, though some may skip the medical exam through accelerated underwriting. Once approved, coverage can begin immediately with your first payment.
You could get coverage starting at $8/mo*
Northwestern Mutual Whole Life Insurance
Best For Retirement
Northwestern Mutual is another popular nationwide company that’s been in the life insurance industry for the past 160 years. As a mutual company, Northwestern Mutual explains its commitment to supporting its clients long-term through tools and resources like financial planning services and advisors that can help them each step of the way.
Screenshot of NorthwesternMutual.com’s advisor matching tool. September 18, 2019.
Since Northwestern Mutual offers financial, retirement, estate, and long-term care planning services in addition to whole life insurance, we saw this company as the best fit for retirees. The website includes an interactive retirement calculator, tips on how to prepare for a financial planning session, and a generous amount of information on planning for each stage of your life. The company allows policyholders to convert their term life insurance policy into whole life insurance, which is common among retirees looking for permanent protection.
Many of its educational articles are geared towards retirement preparation, including “How to Use Permanent Life Insurance in Retirement” and “How to Manage Debt in Retirement.” The company also provides an online matching tool that helps connect you with a financial advisor in your area that best aligns with your goals and income.
Outstanding Financial Strength
Excellent financial ratings are what our top chosen companies all have in common, and Northwest Mutual sits at the top of that list. With an A++, Aaa, and AA+, the highest ratings possible from three major credit rating agencies, Northwestern Mutual earned the highest financial strength rating awarded to any life insurer in the nation. It’s currently tied with New York Life for having the highest financial ratings in 2019.
Northwestern Mutual demonstrates consistent investment income each year, a favorable asset to clients as they’ll have an opportunity to share in the profits by way of dividends.
Drawbacks
There isn’t sufficient information about whole life insurance specifically on Northwestern Mutual’s website. Instead, the company encourages customers to reach out to one of their financial advisors or representatives.
After one of our team members spoke to one of the company's customer service representatives, we learned that Northwestern Mutual requires a medical exam to determine eligibility for whole life coverage. This might be a downside for consumers who are concerned that their health or lifestyle may affect their eligibility. Nevertheless, Northwestern Mutual’s financial advisors help guide clients to the best option and plan for their unique situations.