I’ve seen life policies elsewhere that offer more coverage for less money (premium) per month. Why is that?
Those life insurance policies, known as “term” life insurance, are less expensive for the first several years, but they increase in cost as your age increases. The “whole life” insurance offered through the Custom Choices program begins with a higher cost than term life, but that cost remains level for the life of the policy. As the cost of the term insurance increases, it will eventually surpass the cost of the whole life and could become unaffordable at a time when your family most needs the protection. In addition, whole life insurance builds cash value that can be paid out to the policyholder should they ever cancel their policy.
