Term Insurance Vs Life Insurance Difference. Whole life insurance pros and cons. Term life insurance and accidental death and dismemberment insurance, or ad&d, are two very different types of policies.
Types of term insurance policies. Life insurance provides coverage on the maturity of the policy. You choose the coverage’s length when you buy a term life policy.
Term insurance is often referred to as pure insurance.
The main difference between term life insurance and whole life insurance is that term life insurance serves as insurance only, whereas whole life insurance is actually insurance plus investment. Whole life is the length of coverage. For one, it never expires as long as you keep making your premium payments. Depending on your age, health and the amount of coverage you need a term life policy may cost just a few hundred dollars a year.