by Cecile Cinco
What’s the difference between term life insurance and whole life insurance?
If you look at the benefits, term life insurance covers death only within the term (usually within the year). Whole life insurance, on the other hand, offers savings and you are covered during your whole life. When you die, your beneficiaries benefit from your plan.
As for the premium payment, the earlier is much cheaper than the latter.
As for disadvantages, the earlier has temporary coverage and the latter has none.
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