Term life insurance is one of the most basic life insurance plans. As it does not contain any cash value, savings or investment components, it can provide the largest life protection at a low premium; the general coverage period is until the insured’s 70 or 80 years old, mainly the purpose is to protect the insured person from risk during the income period.
On the other hand, whole life insurance contains savings and investment components, in addition to providing basic life protection, if the insured surrenders halfway, the relative cash value can also be obtained; the protection period is mostly life or until the insured is 100 years old.
In fact, both have their own characteristics, so you can choose according to your needs. The biggest advantage of term life insurance lies in its affordable premiums, while whole life insurance has a longer coverage period and cash value. If there is a need for insurance and the ability to pay is limited, term life insurance is more appropriate; when the finances are relatively sufficient, you can choose to purchase a whole life insurance or invest on your own to give your family longer-term protection.