Life insurance is a more general concept that may refer to either whole life insurance or term life insurance. Whole life insurance gathers value the longer you have it, whereas Term life insurance does not obtain any value that you may use before you die. Term life insurance only pays out when you die.
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.
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.
Term life insurance if only for the life of the coverage holder, once deceased the amount is paid to the beneficiary. Permanent life insurance, known as whole life insurance, combines term life insurance with an investment option.
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.
The key difference between life insurance and whole life insurance is that regular life insurance carries a fixed term while whole life insurance covers one's entire lifetime. Whole life insurance also accumulates a cash value that one can borrow money against.
And endowment life insurance policy can be cashed out after a certain length of time or earlier for an agreed upon value. Term life insurance only provides coverage for a specified term and disappears if the covered person does not pass within the term.
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.
Term life insurance is only life coverage. When the person who is insured dies, the beneficiary receives the amount of the policy. Whole life insurance is a term life policy combined with an investment. This policy builds value.
Renewable term allows you to renew at the end of the term. Regular term insurance does not guarantee you that right.
A term life insurance policy is a basic protection that covers expenses in case of an accidental death, it will sometimes cover debilitating injuries, but only briefly. A universal insurance policy covers a wider category and can sometimes be cashed in.
You can get some good information on Term life insurance at the online Wikipedia. They give information on the Usage, annual renewable term, level term life insurance, payout likelihood and cost difference's, and references.
When deciding what type of life insurance to get, someone can choose between term and whole life insurance. Term insurance pays out when a person dies and whole life can be cashed in if you need the money early.