Choose that type of life insurance which suits you best

Nothing is more precious in this world than life. So, you should take necessary steps to insure your life from all sides. Though the importance of taking out a life insurance policy is undeniable, but confusion arises when it comes to choosing a particular type of life insurance policy. In fact, both whole life as well as the term life insurance policies have certain advantages as well as disadvantages. However, the type of policy that you would choose depends upon several factors such as your income, financial goals, insurance requirements, etc.

As the mane suggest, a whole life or a permanent life insurance policy provides you necessaryinsurance for your whole life. Moreover, in the event of your death, your nominee is entitled to receive certain sum of money. The guaranteed death benefit associated with a whole life insurance policy is like a saving. And, since a whole life insurance policy provides you comprehensive covergaes, the premium amount associated with this type of policy is generally higher.

On the other hand, the protection offered by a term insurance policy is limited to the term of the policy. Different term insurance policies are available at the market place, such as 10, 15, 20 or 30 year term insurance policy. Since the term insurance policy does not provide protection for whole life, this policy is relatively less expensive than a whole life insurance policy. Moreover, a term insurance policy does not offer any death benefit. The cost of a term insurance policy depends upon several factors such as the age and health of the insured, size of the benefits contained in the policy and term of the policy. However, if you have crossed certain years of age and if you are suffering from certain diseases, you will find it very difficult to obtain a term insurance policy.

Whether you would take out a whole life or aterm insurance policy, entirely depends upon you. You financial goals, income and insurance requirements play important role regarding the decision to take a term or a whole life insurance. However, before taking out a whole life insurance policy, check out whether you can afford to pay the steep premium till your death.


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Sanjeeb was born with six toes on each foot. The extra toes were removed before he was a year old, robbing him of any super-powers and ending his crime fighting careers before it even began. Unable to battle the forces of evil, he instead work as a professional in Digital Marketing arena, currently living in Kolkata, India. Founded with the purpose to share his experience and interesting tech news. Connect with him on