What is the Difference Term Whole Life Insurance -What are their Primary features?
What is the difference term whole life insurance policies and how do they compare?
Term life insurance will cover you or the insured person for a specified period or term of time. This may be a period of 10 years, 20 years, or 30 years. You determine the length of the term at the beginning when you buy the policy.
The policy must be kept active by making the monthly premium payments. At the end of the term no refund of premiums will be made unless you purchased a ‘return of premium’ rider as part of the original policy.
Most consumers opt for a basic term insurance policy. These are the most economical choice for life insurance policies for most people.
Whole life insurance is life insurance that can cover you for the rest of your life. It is more expensive because of this. It offers coverage even into your older years where term insurance does not. Premiums should not increase over the course of years but they will start off and remain much higher than a term life insurance policy.
There are other things about a whole life insurance policy that makes them unique.
Settlement Options of a whole life policy are not available on a term life insurance policy. Settlement options include taking the cash value out in monthly installments, taking a loan against the cash value, or just cashing out the policy altogether. There are other options too but you only get these with a whole life policy. Also remember that whole life insurance is much more costly than a term life insurance plan of the same face amount.
You get more options with whole life over term life but also more expense as well.
Other Helpful Articles:
• More Information about the Advantages of Term Life Insurance
• Advantages of Whole Life Insurance and what is whole life insurance?
• Affordable Term Life Insurance Insformation
• Company Health Insurance Life Mega
• Beneficiaries to Life Insurance Policies
• Cheap Insurance Life Rate Term
• Return to Best Life Quotes from: Difference Term Whole Life Insurance
Return to Life Qutoes Insurance from: Difference Term whole Life Insurance