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Life Insurance
There are two main types of Life Insurance:
Term Assurance & Whole of Life or Endowment Policies
What is the difference between Term Assurance and Whole of Life or Endowment policies?
The simplest answer to this question is that term insurance provides protection against death during a specified period and whole of life insurance provides protection against death at any time. ... Term insurance will last for between one and about 30 years. ... Whole of life insurance will always result in a payment. ...
Term insurance provides more insurance for less money than whole of life policies. This is because premiums are lower, as the insurance company may not have to pay out at all. ...
Level term insurance is appropriate for someone needing to provide a certain amount of money to cover a need during the term. For instance, someone who has an interest-only mortgage can take out level term insurance to cover their capital repayment.
Approximate Word count = 729
Approximate Pages = 2.9
(250 words per page double spaced)
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