Term life insurance is an insurance product that insures you for a period of time or until a certain age. It provides coverage against death and there will be a payout in the event of the policyholder’s death/total and permanent disability/terminal illness diagnoses.
Whole life insurance is a life insurance product that is guaranteed to remain in force for the policyholder’s lifetime provided that the full premiums are paid or until the maturity date of the policy. There will often also be a surrender value or cash value of the plan after it has been held for a specified period of time.
The main difference will be the time period of the policy, the premium as well as the cash value.
Each plan has its own pros and cons. It will be good for us to understand more about your personal financial situation before providing you with advice.
Do get in touch with us if you are interested to find out more.
Should buy whole life plan first if financially affordable. life plan covers death, TOD and early CI, the coverage is for life and it has cash value. Term insurance needs to add rider for CI. and no cash calue. Buy whole life plan first, then top up additional caoverage with term.
Life plan is a must to have, term is to enhance your current coverage as you might be at a more vuln...
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