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2009-02-02 14:43:32
2009-02-02 14:43:32

Term life insurance is temporary coverage that lasts for a specific number of years, usually 10, 15, 20, or 30 years. If you outlive the term of the policy, the life insurance expires. Term life does not build cash value within the policy. It is not an investment, but pure protection. Whole life insurance is permanent life insurance for your entire lifetime, as long as you pay the premiums. It builds cash value within the policy. You may be able to take a loan out from the cash that builds inside the policy.


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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.

The difference between whole and life term insurance is that a term policy is life insurance only whereas the whole insurance combines a term policy and a investment component so one can build cash value and borrow against it.

The basic difference is that a term policy pays upon death or it expires when the term is reached. Whole life insurance gains value like an investment.

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.

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.

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.

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 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.

The basic difference between term and whole life insurance is this: A term policy is life coverage only. On the death of the insured it pays the face amount of the policy to the named beneficiary. You can buy term for periods of one year to 30 years. Whole life insurance, on the other hand, combines a term policy with an investment component. The investment could be in bonds and money-market instruments or stocks. The policy builds cash value that you can borrow against. The three most common types of whole life insurance are traditional whole life policies, universal and variable. With both whole life and term, you can lock in the same monthly payment over the life of the policy.

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.

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.

There are man yfactors that go into the rates for insurance, but term life insurance is generally cheaper because it only stays valid for the amount of time stated within the policuy, but as whole life insurance is good for ones whole life you will generally have it paid off after 10 to 20 years.

Term life is insurance is only valid for the given period of time within the policy as whole life insurance coverage is for the entire duration of ones life.

Whole life insurance delivers coverage for the lifetime of the policy holder. It guarantees a fixed premium which can build cash value (which usually cannot be withdrawn without cashing the policy out). Term life insurance guarantees a fixed premium for a shorter period of time, and builds a better and more usuable cash value than whole life. At the end of the term policy the holder must either sign up for another term or forfeit coverage.

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.

whole life provides a life cover amount, available over whole life of assured, while term assurance provides a specific amount of life cover available only over a restricted length of time.

Whole life insurance provides lifetime protection and builds cash value within the policy. As long as you pay your premiums on time, your life insurance remains in effect. Term life insurance provides temporary protection for a specific number of years, usually 1-30 years. If you outlive your policy, the life insurance coverage expires. Term life insurance is less expensive than whole life insurance in most cases. Whole Life (WL) is considered "permanent" insurance; that is, it is intended to be kept for one's entire life. WL also builds "cash value", which may be borrowed or used to pay premiums . Term (T) is a non-cash value type of coverage, which runs for a term of time e.g. 10, 20 or 30 years. At the end of the policy term, the contract terminates, and coverage ends. Whole life insurance will cover you for your whole life, or up to the age of 100. Term life will cover you only for a specified term - 10, 15, 20 or 30 years. Whole life insurance is more expensive than term life insurance. This is because whole life insurance also acts as an investment and will accrue cash value over the years. These can be utilized by the policy owner whenever needs arise. In contrast, term life policies do not carry any cash/surrender value. If the policy holder survives the term, there are no returns on premiums paid, unless it is a ROP term policy. You can learn more about the differences between the two policies at Term vs. Whole Life Insurance.

Life science studies (obviously) life. Science is the generic term for a group of studies.

Term life insurance only lasts for a specific number of years, but whole life insurance will cover you for the rest of your life as long as you've paid the full amount of premiums. It is radically different from term life insurance, because some of your monthly premiums are invested into shares, bonds and other investment vehicles. This acts as a 'cash value' savings asset that you can claim if you live longer than the length of your policy or borrow against the amount, but it makes whole life insurance policies more expensive than term life insurance policies.

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.

That depends on a lot of factors, especially things that affect your expected life span. Your age, gender, health and lifestyle will all affect your premium. There is also a big difference between the cost for term insurance and whole life insurance.

Short term liabilities have a 'life span' of 12 months or less. Long term liabilities have a 'life span' of greater than 12 months.

Whole life combines savings with a life insurance policy. Term life is just the policy and is generally much cheaper. A smart invester would never buy whole life until all other savings are maxed out (IRA's, 401K, etc.) and it is the last resort. David Bach (Author of "Smart Couples Finish Rich") says to buy Term Life Insurance and invest the difference. Many times with a whole life policy, your life insurance goes up and down inside of the policy. So you are saving very little over the years, certainly not enough to retire. Putting your money into a Term policy and the difference into an IRA or increase your 401K contribution is much smarter in the long run. The significant difference between whole and term life insurance can boil down to the fact that at the end of the day, a term life policy offers only life coverage. Unlike whole life insurance that adds on an investment component. This in turn makes whole life insurance policies much more expensive. This extra cost might make sense if the investments assured rich pay offs. But this is not always the case. Marketed as retirement funds or forced savings, it has to be said that there are several more effective ways to invest your money. Many of these policies come along with commissions and high fees. In comparison, term life policies are inexpensive. And if you are smart enough to purchase your policy when you are young and healthy, the returns far outweigh the modest premiums.

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.

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.

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