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What is the difference between term insurance and permanent (or whole) life insurance?

Asked by Ella, Last updated: Nov 02, 2020

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2 Answers

Thomas Ben

Thomas Ben

Life Insurance Adviser who can connect the policy seekers with the right insurance providers. https://www.swiftlifeinsurance.co.uk

Thomas Ben
Thomas Ben, Financial & Insurance Adviser, Higher Education, united kingdom

Answered Sep 26, 2019

Term life insurance is a term policy where the premium cover lasts for the chosen term only.

The whole life insurance is a policy lasts for whole life permanently for a lifetime.

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John Smith

John Smith

John Smith
John Smith

Answered Sep 08, 2016

There are a variety of life insurance products available but there are two main types:permanent or whole life insurance and term insurance.term life insurance is life insurance that expires after a particular term. you can renewyour life insurance after the term expires, but the cost will be higher since you are olderat the time you wish to renew.permanent (also known as whole life) insurance is life insurance designed to be inplace for your entire life span. premiums are usually higher at the start than terminsurance, but toward the end of your life, the premiums tend to be lower than terminsurance.
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