MANAGEMENT

Detailed explanation-1: -Term life insurance rates are lower (depending on your age and overall health) than whole life insurance premiums since it is simple and does not develop cash value. The cheaper rates for term life insurance plans are due to the fact that the coverage is only valid for a limited time.

Detailed explanation-2: -Term life insurance It is sometimes called “pure life insurance” because, unlike whole life insurance, there’s no cash value to the policy. It’s designed solely to give your beneficiaries a payout if you die during the term. Most individual term policies have level premiums, so you pay the same amount every month.

Detailed explanation-3: -Term life is typically less expensive than a permanent whole life policy – but unlike permanent life insurance, term policies have no cash value, no payout after the term expires, and no value other than a death benefit.

Detailed explanation-4: -Your beneficiaries receive a death benefit Cash value life insurance is a permanent life insurance policy, which means it can remain in effect until you die as long as you pay your premiums.

Detailed explanation-5: -Whole life is a form of permanent life insurance, which differs from term insurance in two key ways: It never expires as long as you keep making your premium payments. It provides some cash value in addition to the death benefit, which can be a source of funds for future needs.