What is the difference between term life insurance and whole life insurance

There are always a variety of risks in a person's life. In order to avoid these risks, it is recommended that you purchase a life insurance policy in a timely manner. Term life insurance and whole life insurance have their own advantages, and you can choose according to your actual situation.

The difference between term life insurance and whole life insurance is **.

Term life insurance is a term life insurance policy in which the insurance company pays the insurance money if the insured dies unfortunately, and at the end of the insurance period, if the insured is still alive, the insurance company does not pay the insurance money and does not refund the insurance premium, and the insurance contract is terminated. Whole life insurance can provide lifelong insurance protection for the insured, and after the insurance is purchased, no matter when the insured dies, the insurance company must pay the insurance benefits in accordance with the contract. You can choose according to your specific insurance needs and payment strength, and you need to pay attention to the following points before applying:

1. When choosing a life insurance company, we must first look at solvency, the company's solvency can be reflected from the balance sheet, if the assets or liabilities are positive and the number is large, it means that the company's solvency is strong; Secondly, it depends on the quality of service provided by the insurance company to customers.

2. When choosing life insurance products, we should scientifically compare the best factors, "choose the best of the two"; Then, compare the conditions such as coverage and exclusions of long-term life insurance products, and pay special attention to the different conditions such as "observation period" and "deductible days".

3.Choosing the best life insurance company and product for you is most important to choose based on your current protection needs and financial situation.

Huize reminds that if you want to buy a suitable life insurance, you need to know the difference between term life insurance and whole life insurance. Huize is the largest insurance e-commerce platform in China, with a variety of life insurance options for you to choose from. The following products are recommended for you:

PICC Life carefully selects term life insurance.

Wise-Allianz Anshun Qile Term Life Insurance Protection Plan.

There is a difference between term and life, term life insurance refers to the term of protection agreed by you and the insurance company, and whole life insurance is the insurance company's protection for you to life, that is, how long you live and how long you are insured. In general, term insurance has lower contributions than whole life insurance. There is no time limit for life!

That is, to old age.

Term life insurance means that the term of protection is agreed between you and the insurance company, and whole life insurance is the insurance company's protection for you for life, that is, how long you live and how long you are insured. In general, term insurance has lower contributions than whole life insurance.

Term life insurance means that you and the company agree on a time, and whole life insurance is how long you live and how long you are insured.

Term life insurance refers to the time you agree on yourself, such as 60 years old or 70 years old or 80 years old, whole life insurance is as long as you live, you can, that is, the line of life.

There is a regular appointment at a certain time to reach the age of the age when it is no longer insured, and whole life insurance is guaranteed for a lifetime.

The regular is only guaranteed within the specified period, and life is a lifetime to the end of life, and there is something you need to know about it can be chatted.

Regular means that there is an agreed time, and there is no time limit for life!

The regular is consumption-based, and the regulations are only covered until the age of the year, and after the expiration of the period, it is not covered for life, and it is a lifetime until death.

Regularity is time-limited, and lifelong is not time-limited to live for as long as possible.

Periodically there is an agreed period, and life is a lifetime until the person dies.

There is a fixed number of years on a regular basis, and life is only until death.

There is a difference in the time and duration of the term and life insurance.

Periodicity refers to a fixed time, and life is a lifetime to old age, a lifetime.

Regular is an agreed age, and life is a lifetime.

There is a difference between regular and lifetime.

Total disability and death are the conditions for the insured to obtain a claim for life insurance, and life insurance is divided into term life insurance and whole life insurance by the protection period, and the protection period of term life insurance is generally relatively short"There are only a handful"of decades; Whole life insurance provides the longest duration of protection throughout the life of the insured, and if the insured is completely disabled or dies, the beneficiary will receive a lump sum of compensation.

As long as the insured dies, he will always receive the benefits of whole life insurance, so it is not surprising that the premium of whole life insurance is higher than that of term life insurance.

Whole life insurance is mainly divided into fixed amount and incremental amount. Briefly explain the meaning of fixed amount whole life insurance, that is, how much is the initial sum insured, and how much will be paid in the event of total disability in death, and the sum insured is fixed. The sum assured of incremental whole life insurance will increase over time, and the longer you live, the more sum assured you will get.

The reason is that the increased whole life insurance will have a rolling interest rate, so it belongs to one of the financial insurance, and the increased whole life insurance is often used by people as a means of financial investment, and can normally be used as a pension or education fund reserve. Friends who want to know more: Then take a look at the article that Senior Sister wrote to you before:

Is [Incremental Whole Life Insurance] suitable for you? An article analyzes it for you! 》

Therefore, it is more cost-effective for middle-class families to buy whole life insurance. It is convenient to deal with their related problems such as family wealth inheritance, children's education, and pension. It is more suitable for families with limited insurance budgets to buy term life insurance, and the specific situation will not be repeated today, and friends who want to know more about this can read this article:

"Super Science Popularization! Term life insurance, I suggest you don't buy it randomly! 》

Not much to say, for everyone, Amway has a cost-effective increased whole life insurance product: Guardian Saint increased whole life insurance. It not only supports the reduction of the insured amount of the product, but also does not limit the amount, number and time; The cash value in the later stage is also high, and through the calculation of the senior sister, the actual rate of return of IRR after the age of more than 50 is not lower, and the income is not bad.

You can also enjoy the policy loan service, and you can borrow up to four-fifths of the cash value of the policy. Due to the limited space, please see the following article for details:Is the Patronus Whole Life Insurance Everyone Watching Worth Buying?

[Written at the end].

I am [Xueba Says Insurance], focusing on objective, professional and neutral insurance evaluation;

I will give you the most professional advice with years of experience in configuring insurance for 10w+ families.

Term life insurance and whole life insurance are both a type of life insurance, and the difference between these two types of insurance is mainly reflected in three aspects: the duration of the insurance, whether the insurance money is returned and the impact of surrender.

Difference 1: Duration of coverage.

1. Term life insurance: there is a clear term in the insurance contract, such as a protection period of 10 years, or insurance until the age of 70;

2. Whole life insurance: The insurance period of whole life insurance is lifelong.

Difference 2: Whether the insurance money is returned.

1. Term life insurance: After taking out term life insurance, if there is no accident or total disability within the insurance period specified in the contract, the insurance company will not pay the insurance money;

2. Whole life insurance: Regardless of whether there is an accident or not, the insurance company will pay the agreed insurance money after the expiration of whole life insurance.

Difference 3: Surrender Impact.

1. Term life insurance: Term life insurance has no cash value when surrendered during the insurance period;

2. Whole life insurance: Whole life insurance can get the cash value agreed in the contract when surrendered during the insurance period.

Difference 4: Applicable people.

1. Term life insurance: people with large family responsibilities or dangerous work and need protection;

2. Whole life insurance: people with high income levels and hope to achieve asset inheritance and debt avoidance and tax avoidance through insurance.

So how to choose? Look here and you will know: "Whole life insurance or term life insurance, dad teaches you to choose this way".

According to the length of coverage, life insurance can be divided into term life insurance and whole life insurance, where:

Term life insurance can be divided into fixed term life insurance, reduced term life insurance, and increased term life insurance;

Whole life insurance can be divided into fixed whole life insurance and incremental whole life insurance.

The significance of term life insurance is to protect the family's financial support and prevent it from falling down during the most family-responsible period, which can cause a devastating blow to the family's economy, leaving parents without support, children without support, mortgage repayment and termination of family responsibilities for the other half, etc.

The significance of fixed amount whole life insurance lies more in its legal attributes, because "whole life insurance + designated beneficiary" can achieve targeted inheritance of wealth, and of course, there are also attributes such as asset preservation and asset segregation.

Increasing whole life insurance, because it has the attributes of additional insurance, reduced insurance, second policyholder, and generational insurance, can be more flexible on the one hand, realize the role of education funds, pensions, etc., and on the other hand, it can also achieve asset inheritance.

Therefore, if you are looking for basic death protection, then term life insurance is more suitable;

If you want to achieve wealth inheritance, then you can consider whole life insurance.

Term life insurance has a stronger meaning of death protection, and the legal attributes of whole life insurance are stronger.

What are the differences between term life insurance and whole life insurance.

If you pay less money on a regular basis, it is harmful. For example, at the age of 30, it takes 19 years to buy a lifetime life of 300,000. Regular may only cost 3-5 thousand, the problem is.

The regular period is generally set at the age of 60-70. That's when you're most susceptible to disease. It's not guaranteed again.

Buy something else, and you can't buy it.

Term life insurance has a fixed term, while whole life insurance has no fixed date and ends at the end of life.

There is no difference between life insurance, life or illness, death or not life (there are high disabilities, not considered here, just talk about the general situation).

The difference is in the regular and lifelong, as the name suggests, the term is a fixed term, the specific number of years, depending on how many years you buy when you buy, if you have a guarantee for one year and pay for one year, then you can be insured for one year, and you can renew the insurance every year, but there is a problem with renewal is that you are old and he thinks you are at risk, he will not renew it for you, and at that time it is the time when you need insurance the most, and your insurance is gone. Then this kind of is consumer-oriented, if there is no insurance during this period, it will not be returned to you, the same as medical insurance accident insurance. The premium is cheaper.

If it is for life, it is for life, and people will definitely be si, so as long as it is not an exclusion clause (such as illegal and criminal crimes, it is qiangbi, xidu sucked si) As long as it is not this exclusion clause, whole life insurance will definitely cause a claim. If it's expensive, the premium will definitely be expensive. The probability of claiming a fixed life is less than that of a whole life, if you think about it, is this the truth?

Literally, the biggest difference between term life insurance and whole life insurance is the different duration of coverage. The main differences between the two are as follows:

1.Duration and rates

The most intuitive difference between term life insurance and whole life insurance is the difference in the protection period, term life insurance can choose 10 years, 20 years, 30 years, or 60 years old, 70 years old and so on as the protection period.

Because of the certainty of whole life insurance claims, the premium for TA is generally higher, while term life insurance only covers a certain period of time, so the rate is lower.

2.Safeguard LiabilityWhole life insurance health notification and liability exemption are stricter than term life insurance, but they are still more relaxed than critical illness insurance and medical insurance, after all, the whole life insurance policy payout is certain, and the sum insured of whole life insurance is often larger, so it will be stricter to control the cost of claims.

3.Suitable for

Term life insurance, the protection period covers the stage that can best bring economic benefits to the family, suitable for most ordinary families, middle-class families to insure, if you want to start a family, with debts, there are parenting plans, all applicable term life insurance.

Whole life insurance is a long-term policy, and for the insured, whole life insurance is a "definite event" with a certain compensation, such as increasing the amount of whole life insurance has the role of long-term savings, which is equivalent to helping us to carry out a certain amount of wealth appreciation while protecting the safety of our property.

The above is the difference between the two types of life insurance, as for how to choose, you can refer to: "Whole life insurance or term life insurance, dad teaches you to choose this way".

1. In terms of protection period, there is a limitation of time for term life insurance, while whole life insurance is protected to life, so it needs to be considered according to the actual situation of consumers.

2. Product **, as we all know, term life insurance is more suitable because the protection period is fixed compared with whole life insurance, so the product ** is cheaper, and the family economic income is limited, and you want to get life insurance protection, especially the family economic expenses that only come out to work, term life insurance is more suitable.

3. Savings function, term life insurance is a consumer-oriented product, so the insurance contract expires and there is no insurance, the premium will not be refunded, and the policyholder surrenders the policy halfway and has no cash value; Whole life insurance, on the other hand, has a savings function, and the policyholder can get a cash value by surrendering the policy halfway, and if there is a shortage of funds, he can also apply for a policy loan.

Term life insurance PK whole life insurance, to combine your own situation to decide, for people who are younger, lower income and pay more attention to protection, term life insurance is the best choice. For those with relatively high incomes, pension planning and asset inheritance, debt avoidance and tax avoidance, whole life insurance is a better choice. Huize now has a series of life insurance products, so customers who need it can log in to compare and purchase, so that the insurance can be protected in advance and harvest a happy future.