The Great Difference Between Term And Whole Life Insurance Tips

By | September 27, 2009

Normal 0 false false false MicrosoftInternetExplorer4 Difference Between Term And Whole Life Insurance. Study shows that many of American adults have no life insurance protection. Furthermore, four in 10 single parents have no life insurance coverage of any kind. That’s why the Life and Health Insurance Foundation for Education found that almost half of American say that they are worried if they die someday, their family and children will not be financially secured.

Difference Between Term And Whole Life Insurance

Whole Life Insurance – this insurance gives you coverage for your whole life as long as you pay the premium payments. Untill when the insurance give you coverage? The insurance will cover you up until your death or maximum age 100.

Whole Life Insurance Payment - A part of the premium payments that is used to buy life insurance policies, while the remainder is placed into a savings account that will accumulate interest. Most of the cons of Whole Life Insurance is not in low payment. The premium payments for whole life insurance will be higher than a Term Life policy.

If you are a younger, You better have this type of life insurance now! For a younger person or couple, this makes more sense because they have their entire lives ahead of them.

Term Life Insurance - For Someone Middle Aged Or Above

Term Life Insurance as its named, “Term” means that it will cover you only for a specific period of time or a Term. The example are you may buy a "20 Year Term", "10 Year Term" , “Guaranteed Term", etc.

Term Life insurance is known as "pure life insurance" because that's all you are purchasing. Some Term policies are only for a specific Term or time periods, its not for your whole life. This means that your coverage may not be renewable if a serious ill happen to your life. But some of Term Life Insurance policies such as “Guaranteed Term” can be rolled over.

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