Mandy96
Valued Contributor
There is life insurance and under this life insurance, we find the “whole life insurance” and the “term life insurance”. I will be talking about the term life insurance, specifically the advantages of the term life insurance.
What is term life insurance?
Term life insurance is a type of insurance coverage that insures the insured’s life with a contract agreement of some particular term. You can choose to be on this insurance contract for a year. Two years or even five years and after that you shall get your compensation from the insurance company. It’s just like the whole life insurance but what makes it different is that on whole life insurance policy, there is no term. That is, it covers your entire lifetime.
ADVANTAGES OF TERM LIFE INSURANCE
1. The insured has the advantage of switching to “whole life insurance” if he or she wishes to.
2. The insured will be alive to receive his or her compensation from the insurance company.
3. The insured will get a larger death payment or compensation.
What is term life insurance?
Term life insurance is a type of insurance coverage that insures the insured’s life with a contract agreement of some particular term. You can choose to be on this insurance contract for a year. Two years or even five years and after that you shall get your compensation from the insurance company. It’s just like the whole life insurance but what makes it different is that on whole life insurance policy, there is no term. That is, it covers your entire lifetime.
ADVANTAGES OF TERM LIFE INSURANCE
1. The insured has the advantage of switching to “whole life insurance” if he or she wishes to.
2. The insured will be alive to receive his or her compensation from the insurance company.
3. The insured will get a larger death payment or compensation.