Life insurance policy refers to a contract between the policy holder or the insured and the insurer. Under this contract, the owner of the policy agrees to pay the insured a predetermined amount of money also known as premium at regular intervals or in lump sums. In return to this premium, the insurer pays back or refunds this money upon the insured individual’s death or other event like terminal or critical illness. Life insurance can be classified into term life insurance or term assurance and whole life insurance.
A term life insurance policy is a policy that covers losses for a specific time period in return of a specified premium. It offers a policyholder temporary insurance coverage on his limited budget. While, a whole life insurance policy is a policy that offers benefits like guaranteed death benefits and cash values and fixed and specified annual premiums. A term life insurance policy is simple and offers good insurance rates. It is preferred over whole life insurance as a whole life policy involves premium inflexibility and less competitive IRR as compared to other saving alternatives.
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