What is a whole-life insurance and term-life? What are the advantages of each? Before discussing further and we may at length have the same perception of what it is we first term-life insurance and whole-life insurance.
Simply put, term-life insurance is the most basic form of life insurance, the policy that provides insurance against the risk of death in a given period of time relatively short usually annually. So the premium to be paid is also very low compared to other types of life insurance. Meanwhile, a whole-life policy is not limited to a permanent policy such as the expiration date of the term-life. So that claims will occur as a result of premium to be paid is more expensive than term-life premiums which is only possible claim.
Of understanding and the simple definition, there are some plus minus life insurance-term and whole-life. First, term-life premiums are cheaper when compared to whole-life. Second, term-life insurance money is much greater. Third, term-life protection are specified period of time while the whole-life life. Fourth, whole-life policy has a cash value of her end of the contract term-life while there. Fifth, the cash value of whole-life policy can be used as collateral for cash loans during the contract period, whereas there was no term-life. Sixth, the bonus dividend for policyholders of the company whole-life, term-life does not exist.
After learning plus minus two, now you ask is to consult your agent about your life insurance needs. If you have a professional agent, he will certainly provide the best recommendations for you, term or whole-life?…
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