4 simply difference between term life insurance and whole life insurance
DESCRIPTION
Term Life Insurance Term life insurance offers security for a listed dated of time (e.g., 5, 10, 15, 20, or 30 years) at a reasonable price. Who need this coverage? Want to protect family from financial crisis after your death You are underinsured and want to supplement your coverage What are the benefits? More cost-effective than whole life insurance No medical exam is required Free look period Independent from pension plans Important considerations Does not collect cash value Premiums can increase with age Once the policy expires, coverage ends Whole Life Insurance Whole life insurance offers protection for your perfect life and gathers money that the policy owner can borrow against. Who need this whole life insurance coverage? Require an enduring need for life insurance Must to accumulate cash value to borrow against to provide funds for education, retirement or other future goals Benefits of Whole life Insurance Premium is fixed with increased age Accumulate cash value Independent from Pension plans and employment.You own it Free look period Important Consideration of Whole life insurance Higher premiums initially than term insuranceTRANSCRIPT
4 Easy Steps to Simplify The Key Differences
MeaningCoverageBenefitsConsiderations
Term Insurance Meaning
Term life insurance offers security for a listed dated of time (e.g., 5, 10, 15, 20, or 30 years) at a reasonable price.
Who need Term insurance coverage?
Want to protect family from financial crisis after your deathYou are underinsured and want to supplement your coverage
What are the benefits having Term insurance?
More cost-effective than whole life insuranceNo medical exam is requiredFree look periodIndependent from pension plans
Important considerations Of Term Life Insurance
Does not collect cash valuePremiums can increase with ageOnce the policy expires, coverage ends
What is Whole Life Insurance
Whole life insurance offers protection for your perfect life and gathers money that the policy owner can borrow against.
Who need this whole life insurance coverage?
Require an enduring need for life insuranceMust to accumulate cash value to borrow against to provide funds for
education, retirement or other future goals
Benefits of Whole life Insurance
Premium is fixed with increased ageAccumulate cash valueIndependent from Pension plans and employment.You own itFree look period
Important Consideration of Whole life insurance
Higher premiums initially than term insurance
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