To choose between Term Life and Whole Life Insurance, rate them on the comparison parameters by entering scores (+ve or -ve) in the comparison tool.
The total points are automatically shown in the top row. This should help you decide.
Payout, Premium, Policy term, Internal Rate of Return (Gain due to investment minus any commission or fees)
Better suited for:
Whole Life
Definition:
A term life Insurance plan with an unspecified period, under which the death benefits are paid on death whenever it may occur.
Payment:
Death benefits paid on death (in full) and also (in partial) if the insured reaches an age of 100 yrs or any other agreed upon age by the insurer for ex. 75 yrs or 80 yrs.
Premium:
Higher premium as whole life insurance plans must always pay out eventually.
Term Life Insurance vs Whole Life Insurance
