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Made whole essentially means being restored to the same financial position or situation person was in prior to some loss that is insured. For example, if a car having a value of say $1000 is in an accident and it will cost $2000 to fix it, the insurance campany can declare it a total loss and give you only the $1000 it was worth instead of the money you need to fix it or replace it. In the company's eyes you lost an asset that was worth $1000 and it is giving you $1000 so now you have been made whole. Except you still have no car and not enough money to replace the other one.
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What is the difference between term and whole life insurance if there is any?
The difference between term life insurance and whole life insurance is that a term policy covers the insured for a "term of years" whereas a whole insurance policy covers the insured for the entire life period.
What is the major advantage of term life insurance over whole life insurance?
Cost. Other than that, there are no advantages. Whole life insurance lasts your whole life. It pays upon your death a predetermined amount. Once the designated term on term life expires, you have no more life insurance. Term will be significantly cheaper depending on your age.
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.
What does the term company mean?
what does the term company mean in insurance
What type of insurance can be borrowed against term or whole life?
Whole Life
Where can someone get term or whole life insurance?
One can get term or whole life insurance through various insurance agencies. Some insurance companies that provide term or whole life insurance include MetLife, AAA, and State Farm.
What is the difference between term and whole life insurance if there is any?
The difference between term life insurance and whole life insurance is that a term policy covers the insured for a "term of years" whereas a whole insurance policy covers the insured for the entire life period.
Where can a person get more information on whole life term insurance?
There are several places where a person could get more information on whole life term insurance. Websites such as Metlife and Prudential have information about whole life term insurance.
What does the term covered lives mean?
"Covered lives" is a term used by health insurance companies to indicates how many people have health insurance - whether on a particular insurance plan, or in a region, a state, or in the country as a whole.
What is the difference between term life insurance vs whole life insurance?
A term life insurance is during the insurer's life only. When he or she is gone, then the insurance ends. The whole life insurance on the other hand has what the term life insurance covers plus more.
Where can one compare term life insurance versus whole life insurance?
There are many places where one can compare term life insurance versus whole life insurance. One can compare term life insurance versus whole life insurance at popular on the web sources such as Wealth Pilgrim and MSN Money.
what are the advantages of long term life insurance vs whole life insurance?
The basic difference between long term life insurance and whole life insurance is that a term policy is life coverage only and this is also considered an advantage. One can buy a long term life insurance for periods of one year to 30 years, whereas whole life insurance is a combination of a term policy with an investment component.
What is the difference between whole life insurance versus term life insurance?
Term life insurance is an insurance that is set for a specific time period, for example, one can obtain term life insurance for 30 years. Whole life insurance covers one from application to death.
What is the major advantage of term life insurance over whole life insurance?
Cost. Other than that, there are no advantages. Whole life insurance lasts your whole life. It pays upon your death a predetermined amount. Once the designated term on term life expires, you have no more life insurance. Term will be significantly cheaper depending on your age.
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.
What does the term company mean?
what does the term company mean in insurance
What type of insurance can be borrowed against term or whole life?
Whole Life
