What Are Term Life Insurance and Whole Life Insurance?

Every adult who has family members dependent upon his income should have a life insurance policy. There are two basic types of policy. The first is term life insurance. The advantage of this type is it provides a larger death benefit for a lower cost. It remains at the same price per year for the period of years to which the buyer agreed when purchasing the policy. Upon the insured’s death, the beneficiaries receive a lump sum payment. This life insurance Ireland style is well-liked.

Whole life insurance is another type of policy available. It covers the insured until death, or he can pay to keep the policy up to a specific age. Whole life insurance is more expensive than term life insurance, but it builds cash value. The insured can also borrow money that is guaranteed by the policy’s cash value. This life insurance Ireland style is also well-liked.

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