Pesopod.com - Manila, Philippines

Term Life Insurance is generally low-cost insurance which provides coverage for a set length of time (e.g. one year). Being so, the policy expires at the end of the period specified in the policy.

Hence, Term Life Insurance is usually renewed every time it expires to ensure continuous coverage.

Contrary to Term Life Insurance, Whole Life Insurance provides coverage as long as the insured is alive and as long as premiums are paid and policy conditions are met.

Aside from the said coverage, one good feature of Whole Life Insurance is the fund value. The fund value is that portion of the premiums being paid which goes into a savings-investment plan.