WITH YOU TO THE END
Whole of Life Insurance differs to Term Life Insurance in that it lasts as long as you do. Upon the death of the whole of life policyholder - a cash lump sum should be paid out to the beneficiaries. With Term Insurance, only a specified term is covered - ie. 20 or 30 years, and once the policy matures, it has no cash value if the policyholder is still living.
INSURANCE OVER A SPECIFIED PERIOD
Term insurance is often a more affordable alternative to permanent Life Insurance when looking to maintain your family's income if you pass away. Term insurance is different to permanent life insurance, in that it is for a specified time period - typically of 10, 20 or 30 years.
A term insurance policy will pay out your chosen sum assured, in a lump sum payment, if the holder of the policy dies during the term or is diagnosed with a terminal illness that accords with the definition of the provision.