WHOLE LIFE ASSURANCE
A whole life policy has no predetermined term and there are invariably a benefit (contractual amount, adjusted for items including policy loans & dividends, if any) at the death of the insured. For instance: whole life policiesare occasionally used to supply a benefit on death make it possible for beneficiaries to repay the Inheritance Tax Liability on the estate.
A whole life policy has no predetermined term and there are invariably a benefit (contractual amount, adjusted for items including policy loans & dividends, if any) at the death of the insured. For instance: whole life policiesare occasionally used to supply a benefit on death make it possible for beneficiaries to repay the Inheritance Tax Liability on the estate.
TERM INSURANCE
Term insurance is built to supply pure life cover and so will give you benefit on death during the term of a policy. The insurance policy can be purchased for any chosen time frame. The insurer will pay the policyholder’s estate if s/he dies throughout the term of the policy, however, if s/he survives s/he will get nothing. Term insurance is a safety product, for instance it is commonly written in addition to repayment mortgage loans to provide a form of repayment safeguard.
See Also:
Permanent Health Insurance
Accounting Life Insurance
Term insurance is built to supply pure life cover and so will give you benefit on death during the term of a policy. The insurance policy can be purchased for any chosen time frame. The insurer will pay the policyholder’s estate if s/he dies throughout the term of the policy, however, if s/he survives s/he will get nothing. Term insurance is a safety product, for instance it is commonly written in addition to repayment mortgage loans to provide a form of repayment safeguard.
See Also:
Permanent Health Insurance
Accounting Life Insurance
