Is Term Insurance a Good Option? Or Should I Opt for Whole Life Insurance Instead?
As you may already be aware of, life insurance policies are divided into two major categories:
- Term insurance
- Whole life insurance
While term insurance is a pure life protection plan, a whole life insurance is a protection-cum-investment plan. Both insurance types have their fair share of pros and cons. So, to get a better idea, let's compare different aspects under both the categories of life insurance:
| Aspect | Term insurance | Whole life insurance |
| Premiums | Affordable premiums | Premiums are relatively higher |
| Coverage amount | Depends on your requirements | Depends on your requirements |
| Death benefit | Yes | Yes |
| Maturity benefit | No | Yes |
As you can see in the table, you can get a term plan at affordable rates while a whole life insurance policy will be expensive. However, with a whole life insurance policy, you will also get the maturity benefit, which is absent in case of term insurance. Now, based on your requirements, you should be able to decide what you must go with or you can always consult an expert who would help you take a reasonable decision.
At oneinsure, we have a team of financial experts who have been assisting people achieve their financial dreams for the last 10 years. Get in touch with us by dialing 86-559-86-559 or by writing to us at support@oneinsure.com and we will help you arrange a meeting with our financial experts.
