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3 Responses to What’s the differance between whole life insurance and term life insurance?
cutiepie81289
July 28th, 2010 at 2:07 pm
whole life generates interest term life is a flat sum you get upon death.
Rich
July 28th, 2010 at 2:22 pm
There are actually several types of life insurance.
Term insurance provides a fixed price for a set number of years. Example: 20 year Term. The first 20 years the premium stays level.
Whole life insurance the premium stays level forever. Some whole life policys are actually paid up after a set number of years. Example: 65 Whole Life. The policy is paid up at age 65. Whole life insurance has cash value to it. Down the road you can cash your plan in if you need to.
Here is more on the different types of life insurance: http://www.insuremylife.org/typeslife.html
ybhviper
July 28th, 2010 at 2:45 pm
Term is insurance that has a set time such as 10 20 or 30 year life. Some policies guarentee the premium for the life of the policy others dont. However it normally will not change as long as the company is in good finicial condition.Term policies biggest advantage is premiums are cheaper meaning you can get more coverage for less money, but the disadvantage is after the policy period is up the policy expires and you recieve nothing.
With whole life or univerisal life it has cash value that builds up over time. It actually normally pays interst of 3-6 percent. They policies are more expensive however they are better in the long run due to if you ever need to end the policy you still have the cash value of the policy. If you take money out before a certain period of time their are penalties. You can also take loans out against these policies however i dont recommend it.
Before you buy any life insurance check the AM best ratings and make sure they are an A rated company. Meaning they have little chance of going bankrupt and you losing out.