Why does one generally buy a life insurance policy? The answer should have been simple – to make sure that his family can lead a decent life even if he dies before he has been able to make adequate arrangement for them. Unfortunately, that is not always true. Many people buy them for capital building also. Indeed, some whole life policies have actually been conceived with such intent. It is true that they also provide insurance benefit in case the insured event takes place, but to the policyholders, that is only the secondary. Therefore, before we talk about whole life vs term insurance, we should first decide why we want to buy such a policy. As the name suggests, the whole life policies are valid for the whole life of the insured. There are basically of three types – whole life insurance, universal life and variable life. All these policies are slightly expensive, but they have their advantages too. • The death benefit is offered whenever the policy holder dies. • If you find that you no longer need the coverage, you can easily cash them out. • You can take loan against the accumulated value very easily. • You can also use them as collateral against loan On the contrary, if you want a wide coverage at a very reasonable rate, you must turn to low cost term life insurance for that. Agreed, such policies are valid for a stipulated period only, but nobody needs coverage for his full life. Indeed, thirty years is long enough time to settle all your liabilities and have some extra cash for self-insurance. In fact, the best advantage of term life is that you can buy the coverage for as long as you need it and pay only for that period. Another oft-repeated complaint against term life is that they do not provide any return unless the insured dies within the valid term. Well, that is what an insurance policy is all about. They pay the benefit only if the insured event takes place while the policy is still running. For example, you will not expect an auto insurance to pay anything unless the insured vehicle meets with an accident or is stolen. Then why do you expect a life insurance policy to provide returns even when the insured event does not take place? Indeed, if providing coverage at a reasonable rate is your main aim, start searching for term life insurance quotes. Remember all other policies except the term life are rather overpriced. Under the whole life policies, the amount you pay above the cost of insurance is deposited in a separate account and is invested in For Providing Insurance Coverage At Reasonable Rate, Start Searching For Term Life Insurance Quotes