Which One Rules? Term Life Insurance Vs Whole Life Insurance.
By Jitender25
What do you think is a better insurance? As per my point of view, these are two different policies serving different purposes. Term life insurance and Whole life insurance both have their own strong and weak points. So the question of comparison does not even arise. If you are living in India then this is most useful to choose right life insurance plan. Referring history, all insurance was term insurance covering life only. But with time consumers started complaining about the benefits one should receive after paying the premium over 20-30 years. They felt it was injustice. Henceforth, life insurance started giving the option of cash value.
Let us discuss the main features of Term Life Insurance and Whole Life Insurance as described below.


Term Life Insurance:
* It covers life only.
* Premiums are paid only for the term period
* The premiums are cheaper
* Beneficiary is eligible to benefits only in case of death.
* If the policy holder lives after the maturity term, there are no benefits.
* It covers life only, has no additional benefits to it.

Whole Life Insurance:
* It takes care of both life and investment.
* Premiums are paid life long.
* The premiums are expensive.
* Beneficiary is eligible to benefits in case of death.
* If the policy holder lives after maturity period, the policy holder receives both the maturity value plus cash value as applicable.
* It has dual purpose, covers life and offers added benefits like cash value.

Which one is better according to you choosing?
From

Blue Cross Blue Shield Review: Worst Blue Cross Blue Shield Provider Ever
Reviewed by Ben from Savannah, Ga on September 1, 2010. Recommend: No.
Blue Cross Blue Shield Review: Never had any problems
Reviewed by KJ from Indianapolis, IN, Marion on August 30, 2010. Recommend: Yes.
Coventry Health Care Review: Good Value/ Difficult to Collect
Reviewed by Small BusinessOwner from Charlotte, NC on August 26, 2010. Recommend: Yes.
Aetna Review: HORRIBLE EXPERIENCE
Reviewed by S.J.M. from NORFOLK, VA on August 25, 2010. Recommend: No.
Assurant Review: Doubled premium on healthy 39 yo in 1 year
Reviewed by Dissapointed With Assurant from New Orleans, LA on August 18, 2010. Recommend: No.
UNICARE Review: unprofessional, unreliable, ignorant of basics
Reviewed by Ticked off customer from Illinois on August 16, 2010. Recommend: No.
Aetna Review: Need to improve the customer service.
Reviewed by jacobwillkins from Austin on August 16, 2010. Recommend: No.
Humana Review: I can afford the insurance can't afford to use it
Reviewed by Here in Kentucky from Kentucky on July 26, 2010. Recommend: No.
Humana Review: Stay away from Humana
Reviewed by I Hate Humana from California on July 20, 2010. Recommend: No.
Coventry Health Care Review: Idiots and Thieves
Reviewed by Kat from Athens Ga on July 20, 2010. Recommend: No.
Blue Cross Blue Shield Review: BCBS account dept. is "lost" !!!!!!
Reviewed by buck hunter from Nevada on July 15, 2010. Recommend: Yes.
Celtic Insurance Review: Won't Pay Claims! Beware!
Reviewed by JN11535 from Chicago, IL on July 15, 2010. Recommend: No.
Celtic Insurance Review: Total Rip off
Reviewed by Unhappy from Midwest on July 1, 2010. Recommend: No.
United Health Care Review: United Healthcare's Questionable Tactics
Reviewed by nah415 from California on July 1, 2010. Recommend: No.
Atlantis Health Plan Review: Colon cancer
Reviewed by John from NY, NY on June 30, 2010. Recommend: No.

the above we can make out that both these policies are different and do not serve the same purpose. Term life insurance benefits people who generally have good health and follow healthy living. They can save on the large premium to be paid out and go for other better investment instruments. Whereas Whole life insurance benefits people who are already suffering from certain kind of disease and cover is necessary. It generally works for people who are wealthy enough to carry on paying huge premiums life long.
The combination of both term life and whole life is the best portfolio of life insurance one can possess.
But first and foremost, it is necessary to understand why you are purchasing life insurance. You will be more content when you figure out why you wish to buy the policy. Analyze your needs and its importance. Figure out what needs to be covered and who should receive the benefits, etc. Once you make a decision, start shopping for quotes from various sources like the local representatives, brokers and sites having online comparing tool. Compare the quotes received, the coverage level, other added values, offers, etc. they are offering. Choose the policy that fits your requirement in the best way at the most competitive price available.
And at PolicyBazaar, you can find the right all type insurance plan at most competitive rates. You can also find special offers going on from time to time. If any help require regarding to insurance you can call to call center to available such special offers at 0124 457 67 77 and also see website:
www.policybazaar.com/life-insurance/life-insurance-india.aspx