Difference Between Term Insurance and Whole Life Insurance

Difference Between Term Insurance and Life Insurance
Term insurance and life insurance are both forms of life coverage, but they differ significantly in terms of duration, cost, and features. Let’s understand these distinctions in detail:

– Definition
Term Insurance: Term insurance is a type of life insurance that provides coverage for a specific period or term, typically ranging from 10 to 40 years. If the policyholder passes away during the policy term, the death benefit is paid out to their registered beneficiaries.

Whole Life Insurance: Life insurance, also known as whole life or permanent insurance, covers the policyholder for their entire lifetime. It guarantees a death benefit payout whenever the insured passes away if the premiums are paid.
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