Term vs. Whole Life Insurance: Which One’s Right for You?
- jbstevenssfg
- Aug 6
- 3 min read
If you're trying to figure out whether to go with term or whole life insurance, welcome to the club. This is one of the most common questions I get as a life insurance broker—and the answer? It depends on you.
Let’s break it down Daddy Bear style: warm, honest, and clear. No jargon. No nonsense. Just the information you need to make a confident decision.
🕒 What Is Term Life Insurance?
Term life is kind of like renting a safety net. You choose how long you want coverage—usually 10, 20, or 30 years—and your monthly cost stays the same during that term.
If something happens to you during that period, your loved ones get a payout that can help cover:
Mortgages or rent
Lost income
Childcare or education
Final expenses
Why choose term life insurance?
It’s affordable (seriously—some policies cost less than streaming subscriptions)
It’s great for young families, homeowners, or anyone with debt
It’s simple, clear, and temporary (but powerful)
💬 Ideal for: LGBTQ+ couples buying a home, single parents with young kids, or anyone on a budget who wants big impact protection.
💰 What Is Whole Life Insurance?
Whole life is like buying your safety net—and building a little nest egg at the same time.
It covers you for your entire life (as long as you pay your premiums), and it builds cash value over time—a portion of your payment goes into a savings-like account that grows.
Why choose whole life insurance?
It’s permanent coverage—no expiration
The cash value grows over time and can be borrowed against
Great for legacy planning, wealth building, or final expense protection
💬 Ideal for: queer entrepreneurs, people who want to leave money behind, or folks with a little extra income to build long-term value.
🧠 How Do You Choose the Right One?
Ask yourself:
Do I need coverage for a specific period of time?(Example: until the mortgage is paid off or the kids are grown) → Term Life
Do I want to leave money behind no matter when I pass?(Or use the cash value while I’m alive?) → Whole Life
Am I on a tight budget but want strong coverage? → Start with Term
Do I want both flexibility and cash value? → Ask me about Indexed Universal Life (IUL) options 👀
🏳️🌈 What About LGBTQ+ Considerations?
Here’s the tea: Your coverage should reflect your real life—your chosen family, your relationship status, your financial goals.
Both term and whole life options are available through LGBTQ+ affirming life insurance carriers. And when you work with me, you’re getting policies that:
Don’t require you to be legally married
Let you name anyone as your beneficiary
Take into account gender-affirming care without discrimination (with the right carrier)
Offer flexible options for single-income households or self-employed folks
🐻 Daddy Bear’s Recommendation?
Start where you are. If you’re unsure, term life is a solid, affordable starting point. Later on, you can convert it into a whole life policy or layer more coverage as your life evolves.
You don’t need to get it perfect. You just need to get started.
✅ Let’s Find the Right Fit for You
Whether you're ready to buy or just trying to figure out what the heck all this means—I’m here to help. No pressure. No hard sell. Just a conversation that’s all about you.
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