Mylifeinsuranceforelderly.com Which is better Term or Whole Life Insurance? Visit: http://mylifeinsuranceforelderly.com/?page_id=123 Term life insurance and whole life insurance are both good depends upon your requirement. Term life insurance is cheap and later converted into whole life insurance.

1. Which is better and
why: term or whole
life insurance?
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2. Which is Better? Term or Whole Life
Insurance?
 It depends upon what kind of protection you
are looking for and for how long.
 Both policies have their own value. Term life
insurance gives death benefits only and whole
life insurance gives death benefits with some
other benefits like guaranteed cash value etc.

3. Term VS Whole Life Insurance
 Term life insurance gives coverage for a certain time
period.
 It is designed to protect your family
members(dependents) in case you die prematurely.
 Whole life gives lifelong coverage and
 Gives a great investment plan like policy’s cash value.
The cash value grows slowly with no tax gain.

4. Term life insurance would be better if:
 You only need life insurance to cover your
dependents family member if you have financially
low and paying mortgage.
 May be you can’t afford whole life insurance due to
high premium. You can easily afford term life
insurance. You can buy term life insurance right now
and it can be converted into whole life insurance
further.

5. Whole life insurance would be better
if:
 You are thinking about your future financial
investment
 You want to leave some money to your family
members.
 You may have a lifelong dependent. Who will care
them after you.
 You need your own funeral insurance.
 You wish to give equal inheritance among your
children.

6. Term Life Insurance: Cheap. It covers a
person for a specific period of time,
usually 1 to 30 years.
Pros of Term Insurance:
• Low premium
•Death Benefits: Important Need
•Can be converted to whole life insurance
Cons of Term Insurance:
•Becomes more expensive as you age, especially after
age 50
•Pays benefits only if you die.

7. Whole Life Insurance is a lifelong
policy and therefore is more
than term, but does offer more
benefits.
Pros of Whole Life Insurance:
•Gives cover for whole life
•Without a medical exam, but at a higher cost
•Provides death benefits with a cash value investment
that builds during the life of the policy
Cons of Whole Life Insurance:
•Premium is high

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