Features of Term and Whole Life Insurance
Features of Term and Whole Life Insurance
Article by Carol Martin
Here are a few of the most important features of term life insurance and whole life insurance. Term life insurance, covers just life, premiums are paid just for the fixed term and are relatively cheaper and beneficiary is entitled only for death benefits. If the policyholder lives after this term ends, no benefits are passed on. It covers just life and has no further benefits to it. In contrast, whole life insurance looks after both your life as well as your investment. Premiums are a lot expensive and have to be paid for entire life. Beneficiary is entitled to benefits in case of death. If the policyholder lives after set term, the policyholder gets cash value accumulated on it. Cash value accumulated is tax-deferred.
So, which one do you think is better for you? Well, as illustrated above we can distinguish that both these policies are distinct and have their own pros and cons. Term life insurance is beneficial
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