Term insurance is relatively cheaper than a whole life insurance policy. A term life insurance as the name rightfully suggests only covers you for a set time period, which when expires before your demise, doesn’t offer a payout to your beneficiaries. On the other hand, whole life insurance policy lasts your whole life and offers the entire accumulated amount minus the cash value element to your beneficiary. One can opt for a policy that fits their household based on the above factors.
Comments
Post a Comment