Financial Consultant

" NO FAMILY LEFT BEHIND "
" NO FAMILY LEFT BEHIND "
" NO FAMILY LEFT BEHIND "

Difference Between Term Insurance and Whole Life Insurance

Term insurances

  1. Protection for specified time.
  2. Cost of insurance increases with age.
  3. Premiums will not come back.
  4. Has only death benefit.
  5. Premiums are very high at older ages & no insurance after 80/85 years.
  6. No saving element.
  7. No cash value.
  8. Limited flexibility.
  9. Suitable for a person with small budget.
  10. It can be converted to a permanent insurance when financial conditions gets better.

Permanent Life (Whole life) insurance

  1. Guarantees are :-  Premiums, Cash value, Death benefits.
  2. Tax-advantaged investment growth.
  3. Eligible to receive dividends.
  4. Hands-off investment management.
  5. Able to meet short term or long term goals.
  6. Access to cash value.
  7. Creates generational wealth.

Term insurance is just like ‘living in an apartment‘ & Permanent insurance is like ‘living in our own home‘.