Best Answer

The benefits of having Term Insurance as opposed to Whole Life Insurance are that Term Insurance is cheap for people up to the age of 50 and even up to the age of 65 in some cases. Whereas Whole Life Insurance is much more expensive as you are also paying for an investment in bonds or stocks which add significantly to the premium

User Avatar

Wiki User

βˆ™ 2013-07-11 04:17:33
This answer is:
User Avatar
Study guides


21 cards

If you were laid off and apply for insurance coverage on your wife's group policy do you have to answer a medical questionnaire

How many grams of cholesterol should you eat each day to maintain a healthy diet

What would cause a fluttering inside the ear canal

Why is beef fat a solid at room temperature

See all cards
12 Reviews

Add your answer:

Earn +20 pts
Q: What are the benefits of having Term Insurance as opposed to Whole life Insurance?
Write your answer...
Still have questions?
magnify glass
Related questions

Which life insurance will provide death benefits that can change?

whole insurance

What are the benefits of having medical insurance?

There are many benefits to having medical insurance, the biggest one would be that you won't have to pay full price for any treatment covered by the insurance. Most of the times they are free, depending on your package, and even the ones you have to pay are like $10-20. The insurance also help you with prescription, they cost a whole lot cheaper w/ insurance.

Which type of life insurance provides living benefits?

Only Whole Life policies provides living benefits .

Who are some Canadian whole life insurance policy providers?

Some Canadian whole life insurance policy providers are State Farm Canada, LSM Insurance, MJW Insurance, Essential Benefits, and The Canada Life Assurance Company.

Should I look for affordable whole life insurance, or is it better to just buy a term life insurance policy?

Whole life insurance does come with several benefits. I would personally suggest term life insurance the the cost savings.

What companies offer insurance benefits?

There are many different companies that offer insurance benefits. Some of these companies include Target, Starbucks, Land's End, Whole Foods, Home Depot, UPS, and Costco.

What are the benefits of the zipper?

Benefits of the ZipperA zipper is mainly used for adhesive purposes. For example, most backpacks have zippers on them. That is so the contents of the backpack will not spill out and make you stop for half an hour and pick it up. That's one benefit of a zipper. Another is on your pants. It's useful to have a zipper on your pants, opposed to having the whole world see your underwear and having breezes where wind does not belong.

What are the benefits of purchasing term assurance?

Term life insurance will protect the policyholder should his or her life end unexpectedly. Term life insurance is often the cheapest of all available insurance. Usually, term life insurance can be converted to whole life insurance during the term. Whole life insurance will never expire and the rates will remain constant throughout the policyholder's life.

How do I go about getting business insurance cheap?

The best business insurance should be found with your local car insurance and or mortgage insurance company. By having multiple items insured it provides great discount for insurance as a whole. That would be a great start.

What are the benefits of whole vs term life insurance?

A term policy is life coverage only and on the death of the insured it pays the face amount of the policy to the beneficiary. Whole life insurance combines a term policy with an investment component usually used for retirement.

What benefits does whole life insurance offer?

Although whole life insurance does tend to require payment of a premium every month, it also gives the owner the piece of mind that their premiums will never increase. Whole life insurance programs also offer quite a bit of flexibility if the owner experiences changes in life. For example, if an injury does occur, some or all of the premiums may be paid for you by the company. You may also take money out of your program if needed, however this is not recommended. Overall, there are many benefits to whole life insurance, the purchaser must also take their future plans, income level and potential health risks when making decisions about whole life or term life insurance policies.

How does Spectra Life Insurance differ from Universal Life Insurance?

Universal Life Insurance is the one type of life insurance. This is a flexible version of life insurance where you get the savings element of whole life. Universal Life Insurance policies is the combination of death benefits with a savings component or cash value that is reinvested and tax deferred.

People also asked