The first is term life insurance. Term life insurance is literally a life insurance policy that has a definite period of time attached to it, after which no premiums are payable and it is no longer valid. Furthermore, if only pays out on death so if you outlive the policy then there is no payment to be made at all.
The second is whole of life insurance. This life insurance policy literally runs for your entire life providing that you keep up with your premiums. It effectively always pays out but you have to check the terms and conditions attached to the individual policy to see how and when it will payout. |
Home 
