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Still Confused Between Whole life Insurance & Term Insurance?

Hi there welcome again in my another blog, as far we discussed alot about many other insurance plans but there are still confusion between someof them and today i’m gonna try to solve one of them like many of you ask me to differentiate between Whole life insurance & Term insurance plans. So without wasting your time let’s go to the topic.

If you are new here then first of all i most welcome you, here at asthemesworld we talk about Insurance and Health issues alot. If you have any question you can directly ask by just writting a comment below. So our question is still same – what is difference between Whole life & Term life insurance plan , Which one is better and why?

Whole life Insurance | Is a Good Investment Plan ?

There are many policy plan and many companies who provides different offers to their csutomers but you have to always choose that one which actually suits you. It has been noticed that over 90% of customers wants to apply for a term insurance plan but the point to be noted is that 10% customers don’t want to go with Term insurance. There are many reasons to buy an Term insurance plan as it is cheap one but there are also some reasons due to which you maybe show some interest in Whole life insurance Plans.

Whole life insurance, Some reasons to go with it

For Term isnurance, you should be under 50:

The best reasonfor you to don’t go with Term plans because after you became 50+ then your premiums will be hell high evenbefore the retirement age. Generaly many of the policyholder hold theri policy about 20-30 years and i must say that this is not late. I mean if you want some extra coverage after your term expires then going with Whole insurace plan is not a bad choice. And i recommend you to think about it before you hit you retirement age.

To make Bright Future for your childs:

Being a parent is not easy and also protect them is not easy job for everyone but have ever you thought that what if somehow you are not available for them, how can they survive and whom they should depend. Here i say that they don’t have to think about these thing after you gone because if you have any whole life insurance plan then after you the value is give to the beneficiaries or your loved ones.

Some families or parents are not able to get loans from any institution, in this case whole life insurance helps your children to get a loan for education. Buying Insurance policy is not a game, please think about every single possible aspect and effect of any plan that you want to buy.

Buying Insurance for your Child:

Whole life insurance plan might be a good choice if your looking for a plan for your childrens. The premiums will be very low when your child is too young. As there are many benefits of having whole life insurance planand one of them is that if your child have an existing term insurance plan or any other then after sometime if you want to change it to another plan like whole life insurance plan or other then you have opt for it.

Helps on Collecting funds:

Many of us donate money in charities because helping others is the most beautifull feeling in the world that i have ever felt. The point is that if you have any term insurance plan then maybe you are not able to donate to a charity but having a Whole insurance plan will helps you to make donations to the charity which maybe near to your heart.

I remember my parents are deeply attached with an charity and they want to help them as much as possibe but there is a time when my family is financiall disturbed and at this time my father is not able to donate in charity because policy premiums are so high but after sometime my father changed their term plan to Whole life and after retirement they donates a large amount to the charity.

When Grandparents takes care of your chids:

In some cases grandpraents will be caregiver for their grandchild. If any Children’s parents pass away then who take care of them, to understand this situation and to resolve this problem many insurance company provides an offer to theri grandparent that they can be caregiver who takes care for their children after their parents.

Whole life insurance as an investment?

There are many company who offers whole life insurance plan to their customer by saying that this plan is for investment ot it could be a good option for investment. Many of you will purchase these plans just for investment but after sometime they realise that this is not an investment plan it is just a good policy lan.

Whole life plan consists of Limited coverage:

There are many insurance policy as i say, but the need of everyone is not same. That’s why whole life insurance plan focus on low coverage plan. If i tell you that there are some people who looking for a policy plan between 5,000-25,000 then maybe you laughed at once but the truth is everyone is not same, if someone want to buy an expensive insurance plan then this doesn’t mean that you also have to getthsi one.

No need to pay burial cost:

In many cases, if someone’s parent or relative id pass away then don’t have to pay for their funeral. Because of having an Whole life insurance plan of your relative will helps you to cover some amount on the basis of their plan.

What if you tested positive under any medication:

Many of us don’t want to buy an insurance policy because we think that this is just a waste of time but this is actually a big mistake, because when we are young and healthy it’s easy to pay premiums but after it lates then it wouldn’t be an easy job.

My cousin loves bike riding, maybe most of the indians love tho. But it not takes too much time to funny thing became horrible. yes, my cousin when he is just 15 ran into an accident but thank god that he have insurance plan which actually helps alot in managing hospital bills and medicine coast etc. After that i also apply for a new insurance plan because it could be easy to see yourself helpless but it could be a worst feeling to feel you family or loved once in a pain.

Will help in Business

If you Own a company and have any partnership then have you ever think what if one of the partner is die and because you are sharing ownership with your partner then it’s your duty to take care of their family members. In these cases business insurance plan will help alot but if it just a term insurance then it might not be helpful after 20-30 years. You should think about it because buying insurance policy for your business or for an individualis not an easy job, we have to predict future outcomes after buying the plan. If you think that any plan will suit you then go for it. But if we are talking about business then you might think about a large investment instead of small one.

The Conclusion

Here we read all about Term and Whole insurance policy and to be not getting confused i’ll tell you that both of the plan are good but it only depends on you. There are many company who provide nsurance plan at different levels or price, maybe sometime they will force for any plan because they will earn commision from you but you just have to ask a question from yourself “Is this plan suits you?” & “The plan you are looking for will benefit your future or not?”

If somehow you are ready to answer these question to yourself then just go on and choose the right one which made for you. Here above i’ll just share my experience and thoughts, i’m not force you to buy any insurance plan just by reading my blog because it fully and only your choice. Thankyou for reading. Stay safe be happy.

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