What is Whole Life/Permanent Insurance?
Here, the life insurance coverage is designed to last for life rather than a set term and works on more of an investment basis. This guarantees a payment on death if the policy is kept up to date and, in some cases, a return on the cash invested in the policy if profits are made. What are the Advantages and Disadvantages of Term and Whole Life Insurance? Both of these policy types come with some pros and cons. For example term policies may: • Be cheaper than whole life options as there is no guarantee that the insurance company will have to pay on the policy. • Suit consumers that want life coverage during those years when it may be essential but not later in life when it may not be that necessary. But, on the other hand, they may not: document.getElementById(‘adsense_placeholder_2’).innerHTML = document.getElementById(‘adsense_ad_2_hidden’).innerHTML; • Give any return on the consumer’s investment at all as they only pay out on death. • Give any coverage outside their term leaving the
