What is whole life insurance?
The term “whole life insurance” refers to insurance product offering guaranteed death values until an insured is paying premiums. In other words, whole life insurance is the insurance of whole life, with paying premiums and offering guaranteed death value. We can explain this as: When you get insured with a whole life insurance, you agree to pay fixed monthly premiums throughout your life and the company will return the money to your beneficiary after your demise. Most often insurance company may provide you with funds if you have deadly and critical health situation but then the amount after death will be as less as was spent for your medical supervision.

Who should buy whole life insurance?
Although anyone capable of paying monthly premiums can buy whole life insurance, but if you wish high degree of life protection and security and support your family members after your demise, you can buy whole life insurance.

Difference between term insurance and whole life insurance:
Term insurance offers the insurance for a specified time from the time of buying insurance. For example, in a term insurance, you are insured for next 12 years and after 12 years have ended, you are uninsured. While whole life insurance is the insurance for your entire life even if you are 100. Both the insurance have specific advantages and disadvantages.

Disadvantage of term insurance:
Term insurance is limited to specific years. You are uninsured after the period and if you got death after the period had expired, your beneficiary will never be get paid any amount of money.

Advantage of term insurance:
As whole life insurance requires high monthly premiums, some persons prefer term life insurance. It is useful only if you want to get yourself insured unless your children are 18. The theme is that if you die before your children are 18, they will be provided guaranteed funds.

Disadvantage of whole life insurance:
The only disadvantage that people mostly encounter is its higher monthly premiums. If you have sufficient funds or your company gets you insured, it is not a disadvantage for you.

Advantage of whole life insurance:
You do not fear of getting uninsured during your life. Even you are 100; you will be insured unless you are paying monthly premiums.