Many people find the very thought of life insurance a disquieting subject, but the truth is that we will all die one day and if we have loved ones it is only right that we leave them with some financial security when we are gone, or that we at least provide enough that none of our bills or other financial obligations will fall to our heirs.
One of the most common ways of doing this is by purchasing life insurance.
The purchaser of a life insurance policy has basically two choices: to purchase a whole life policy or to purchase a term life policy.
A term life policy has a specified time limit say ten years. At the end of that time, at the end of ten years, the policy lapses and becomes worthless. If the policyholder wishes to continue being covered by term life insurance then he or she must purchase a new policy, with a premium price which reflects the ten years that the policy holder has aged since the start of his or her first policy.
A whole life policy, on the other hand, has no expiration except the death of the policy holder. The premium that is set when the policy is purchased is the premium that is paid for the life of the policy.
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