-Duration
As per its name Whole Life Insurance provides coverage for whole life While Term Life Insurance Protect for Specific Term.
-Convert
Term Life Insurance can be change in to Whole Life Insurance but it is not possible to change a Whole Life Insurance in to a Term Life Insurance.
-It’s Use
Whole Life Insurance for them who has already have some assets and want to save tax , because the amount you pay as Whole Life Insurance Premium it will cut down in your tax. So usually Whole Life Insurance is used to save Tax.
You are buying whole Life Insurance or Term Life Insurance it’s depends upon its use. If you any debit able amount like mortgage or other loans than your Tern Life Insurance will be works as a shield against pre-mature death.
-Renew
In Whole Life Insurance there is no need of renew your Insurance Policy, Once you start Policy and paid Insurance Premium it will protect you for entire Life. Exceptional you stop paying Insurance Premium.
While In Term Life Insurance there is need to renew this Insurance Policy, There is specific terms, you should pay premium for each term, when it get over than again you should pay premium to continue your Term Life Insurance Policy.
-Returns
Whole Life Insurance gives you less return than Term Life Insurance can for the same amount.
-Premium
The rate of Insurance Premium is higher in Whole Life Insurance, while in Term Life Insurance you have to pay less than Whole Life Insurance.
-Coverage at old age
Term Life Insurance policy is not provides coverage at the age around 75-80 years. To get protection, Term Life Insurance Policy holder should convert their Insurance Policy in to whole Life Insurance or any other Insurance Policy that protect at old age. This conversation should be done before the age of 70 years or earlier.
While, Whole Life Insurance will continue its protection for whole life. There is no need of any conversation or renew. This protection will cover you as long as you pay its premium.
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