sincerem
VIP Contributor
When it comes to life insurance policy their are two major types of life insurance mainly;
* Term insurance,
* Whole life/permanent life insurance.
In "Term" life insurance policy, the insurer comes to agree on a specific duration of time, which starts from 0-30 years to decide if death occurs within such duration of time. If death occurs within the agreed duration then the customer receives death warrant, which the family members take.
In whole life insurance/permanent, the insurance company pays benefits to the affected insurer even though he or she live for 100 years and above. They pay the death benefit one time whenever the person that insured his or her life passes away.
Between "Term and whole life insurance, which one do you prefer to go into?
* Term insurance,
* Whole life/permanent life insurance.
In "Term" life insurance policy, the insurer comes to agree on a specific duration of time, which starts from 0-30 years to decide if death occurs within such duration of time. If death occurs within the agreed duration then the customer receives death warrant, which the family members take.
In whole life insurance/permanent, the insurance company pays benefits to the affected insurer even though he or she live for 100 years and above. They pay the death benefit one time whenever the person that insured his or her life passes away.
Between "Term and whole life insurance, which one do you prefer to go into?