Is There Cash Value In A Term Life Insurance Policy?
No,the difference between term life insurance and whole life insurance is
the cash value.
Term life insurance has no cash value;think about it like your car or house
insurance.If your car isn't totaled or your house doesn't burn down,you
need to repeat the payment the next year.
Whole life insurance on the other hand is more expensive as you are,to some
extent,prepaying the premium or building up a savings account from which the
life insurance premium can be paid.
the cash value.
Term life insurance has no cash value;think about it like your car or house
insurance.If your car isn't totaled or your house doesn't burn down,you
need to repeat the payment the next year.
Whole life insurance on the other hand is more expensive as you are,to some
extent,prepaying the premium or building up a savings account from which the
life insurance premium can be paid.
posted by Ivon T. Hughes at 9:03 AM
4 Comments:
Of course there would be no cash value in a Term policy. Especially with term rates going lower and lower. Get Whole Life or Universal Life if you want cash value.
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Nope, term life insurance does not accumulate cash value but whole life insurance does. Though there is a term insurance that returns money to the policy holder, that is a return of premium term insurance policy. Consult a specialist when you want to inquire about online long term care insurance quotes. This can help a lot on deciding which policy to purchase.
That's useful to know - and I like the idea of recharging your charger - I take those too and for some reason that hadn't occured to me!
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