answersLogoWhite

Top Answer
User Avatar
Wiki User
Answered 2013-06-26 18:08:07

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.

001
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

Your Answer

Related Questions


I have a whole life insurance policy, how long does it take to cancel it, also can I get money back from it.


As long as the child decided to keep the life insurance once they reach 18, the coverage lasts their whole life. The Grow Up plan provides customers to keep the insurance as long as they would like to and does not increase fees over the years.


A universal life insurance policy is a cash value type of life insurance policy. With universal life insurance, you policy may build up cash values over time, similar to a whole life policy, but typically less expensive than whole life insurance. Another feature of some universal life insurance policies is called a "no lapse guarantee" With this feature, as long as you pay your premiums, the policy is guaranteed to last to age 100 and beyond depending on the specific carrier you choose. Compare this to a whole life insurance policy where the premium requirements may vary and depend on how dividends and interest rates perform.


You would need a whole life or an universal life policy with an income rider, and possibly a long term care insurance policy which would fall under a health insurance policy.


Permanent life insurance is another name for whole life insurance. It provides permanent, lifelong protection. This distinguishes it from term life insurance. Click here for more about permanent life insurance including its advantages and disadvantages. A permanent life insurance policy remains in effect for the life of the insured, with premium payments being made for the same period. Permanent insurance consists of a premium and a cash value or savings component. Like term life insurance, it pays off in the event of your death, but unlike a term life policy, it operates differently. The premiums for a permanent policy are nearly five to ten times the amount of the term life rates. A portion of these premiums go into the cash value element of the policy, and over time, these savings can grow. As the name implies, permanent life insurance is permanent - the policy is applicable for your entire life as long as you keep paying the premiums. The most common permanent life insurance policies are whole life and universal life insurance.


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.


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.


Some types of life insurance develop cash value; these are called whole life policies. Term insurance has no cash value. So it depends upon the kind of life insurance you have, and it may also depend upon how long you have been paying premiums.


Depends on the type and length of the policies (yearly car policy vs. mortgage insurance vs. whole life).


Whole life insurance is a life insurance policy thast remains in full force and effect for the life of the insured, with premium payments being made for the same period. It gives you lifetime coverage as long as you pay the premiums. This type of policy may build cash value within the policy.


Term is strictly protection. Whole life is protection plus cash value. Cash value is similar a to a savings account within the policy. Part of the periodic premium goes to pay for the insurance protection, and part is applied to the accumulation of cash value.Term insurance can be purchased for a specified period to coincide with your needs (such as raising children), such as, 5, 10, 20 or 30 years. Whole life also can be purchased for a specified time, but when done so, the specified time will me stated in terms of how long it will take to pay the policy in full such than no further premiums are due. When that occurs, the policy remains in force, whereas if premiums stop with term insurance, the coverage lapses.AnswerWhole life insurance is for life, or up to the age of 100! You do not need to renew it and the premiums are fixed for life. They are usually high when compared to term life insurance. This is because whole life insurance has cash value benefits as well which you can dip into. This comes in handy when you may have need of money.


Whole life insurance, as the name implies, is insurance which provides coverage for the policyholder's entire lifetime. Whole life policies can be divided into two categories: participating and non-participating. Both policies provide level premiums, lifetime protection and a guaranteed cash value-but participating whole life plans pay an annual dividend. The annual dividend is NOT guaranteed, and in most instances is linked to long-term interest rates as well as the insurance company's performance. If you have an existing participating whole life policy which was purchased in a high interest environment, it is a good idea to request an updated policy illustration-the projected values may have changed dramatically. Most participating whole life policies have multiple dividend options.


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.


Not at all as long as you get to the "right" life insurance company. There are a number of life insurance companies that specialize in depression life insurance, bipolar life insurance, anxiety life insurance. The key is to work with an impaired risk life insurance expert who can direct you to the correct company based on your specific circumstances.


Part of the international AEGON corporation, Stonebridge Life is a company that provides affordable insurance policies to families. The firm offers two types of insurance policies known as term and whole life. Term life insurance is a policy that is valid for a specific length of term. Depending on the package, the insurance policy will expire in five, ten, or twenty years. This means that beneficiaries will receive a certain sum of money only if a policy holder passes away within the specified time frame. A whole life insurance covers policy holders for their entire lifetime and will reimburse beneficiaries at any time as long as the monthly payments are paid.


Term life insurance is your basic life insurance policy in which you'll get the face amount in the event of the policyholder's death. The 'term' part of the name comes from the fact that the policy lasts for a particular number of years. While the policy is active, you'll be covered, but after it expires, you're left with no protection and no payout will be given if you then die. 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 services that the company Bankers Life and Casualty Insurance offers is mostly insurance. Some of the insurance they offer are life insurance, long term care insurance and annuities.


Prudential offers a variety of life insurance policies. Some of the different life insurance policies that they offer are Term Life Insurance, Universal Life Insurance, Variable Life Insurance&as well as Survivorship Life Insurance. bAlong with these different types of policies they also offer retirement planning, annuities and long term care insurance.


my mother pased away on 4/28 and the funeral home filed her life insurance on the 29 or 30 how long does that take to receive a check for life insurance


Your life insurance policy would pay out immediately after ratifying the contract


No. You will only get "insurance" from an insurance company.


Equitable Life Insurance is an insurance company that has been around for a very long time but for your information they are still around and one of the largest life insurance carriers in the world.


There are a few of them that have high ratings for long term care insurance. They would be American General Life (AIG), Bankers Life and Casualty, State Farm Insurance, and New York Life Insurance Company.


Life insurance can be "Term" or "Whole Life". Term insurance is paid over a short period of time (such as 1 time a year) for a short period of coverage (such as one full year). Many parents buy (take out) Term Insurance on their school-age children, especially if the child plays sports. The coverage is for the school year, only, or covers 12 months on some policies. After that short period, the coverage expires. The policy would need to be re-issued and a new payment made. Term life insurance rates vary, often widely, depending on age, health, medical conditions, and usual activities.Whole life insurance is paid monthly, for an indefinite number of years (usually until the person fails to pay or dies). Some Whole Life policies can be converted to a Paid Up-Whole Life policy. But generally, Whole Life means "covered for life--as long as you pay for life".Given these descriptions, Term Life Insurance can be described as "short term for a shorter number of coverage at a set payment rate only for that year". Cost of renewal may change each year.Whole Life can be described as "longer term life insurance for a longer period of time (lifetime) as long as monthly, bi-annual, or annual payments are made, and coverage then stays in force until money is no longer paid--or death."Whole Life-Paid Up means you have a reduced total insurance amount, but never have to pay for it again. A paid-up policy just sits there until death.


It depends upon how long you wish to have the coverage for. People with short term protectiopn needs, (1-20 years) might best be served buying term insurance coverage. People who wish to be covered for life should consider either whole life or universal life coverage. The most popular type of life insurance policy is term life insurance as it suits most people's needs. Term insurance provides the maximum death protection against the most affordable premiums. You can choose term periods from 1 to 30 years. There are various options within term life insurance to choose from. However, if you have long term needs, you may prefer to opt for permanent life insurance. For more information on types of life insurance you may find this site helpful: http://www.accuquote.com/types.cfm



Copyright ยฉ 2021 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.