Life or Term which type of Insurance do you prefer?

Kakashi2020

Active member
Life insurance is more expensive than Term Insurance but it gives you life time protection unlike Term Insurance which only covers and indemnify a person only in a specified period of time, like for 1, 5, 10, 20 years, it's a lot cheaper that's why you can opt for a large coverage. But what is really the better deal? Is life better than term or is term better than life?
 

jhon paul

Member
Lifeinsurance mainly gives you peace of mind and it pays a lump sum amount to your dependants when you pass away during the period of cover.Life insurance is more expensive compared to term. In this term insurance is kind of life insurance policy it can be availed for a fixed period of time.And the policy seeker can choose the term of cover will have to pay fixed premiums through out the year if the insured person passes during the term of policy you can get a lump sum amount will be paid to the dependants after a successful claim is made. And if the policy holder do not pass away the term the policy will lapse there will no be any payout.
 

Wisdom01

Valued Contributor
I think I will go for a term insurance policy considering the fact that you would get your benefit at a specified year ,and the person don't know if he could have financial issues in the future this is one reason many don't go for life insurance policy but for term own
 

Mandy96

Valued Contributor
If I am going to speak for myself I think I prefer the term life insurance which you will have to buy it for a particular period of time and when the time comes. You will have to get your compensation in money, probably with interest which will be while the client is still alive
 

riselle873

New member
I like whole life insurance because I can use it as part of my financial strategy and create a trust account so I have better control of who gets what when I'm gone so my family can't fight over my estate and they know how and where the money goes.., Yes whole life insurance policy for me is the best deal but talk to professional to see what works best for you...
 

Nite

Valued Contributor
There's no particular answer whether choose Term or Life insurance, as both of these insurance plans are great in their own ways. If you’re a person who wants to stay protected while having to incur low expenses, then a term insurance might be the one for you. On the other hand, if you’re fine with paying those high premiums for as long as there are maturity benefits, so that you get a financial back you up, then whole life insurance may just be the thing you’re looking for.
 
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