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.
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.
Whole life insurance is less flexible then universal life insurance when it comes to premiums and payouts.
What is the difference between voluntary life insurance and life, ad/d?
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 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.
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.
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.
The terms are interchangeable.
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.
There isn't a real difference between life annuity and an insurance annuity. Both are a form of life insurance and deal with the same issues. I would go with either one.
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.