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what is a pro and con of Term and Whole Life Insurance

what is a pro and con of Term and Whole Life Insurance

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Answer #1

Term Insurance

Pros

  • Premiums are cheaper compared to Whole Life Insurance policies
  • Flexibility to choose in terms of the length of coverage, the premium to pay and sum assured

Cons

  • There are no cash value benefits
  • There are no survival benefits

Whole Life Insurance

Pros:

  • Protection for the entire life or up to a specified age. Guaranteed death benefits.
  • Premiums are fixed throughout the entire life of the policy.
  • A part of the premium is invested and generates returns.

Cons

  • Premiums are higher than the term insurance policies
  • Returns may not be as attractive as compared to other savings plans

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