• Premiums of the plans are very low since both plans cover only the death risk
• Since the premiums are low, individuals can afford to buy a high level of sum assured under both plans. This high level of sum assured ensures financial security for the insured's family if the insured dies during the policy term
• Coverage under term plans is allowed for longer durations. In the case of whole-life plans, coverage runs till 99 or 100 years of age
• Many terms and whole-life plans have inbuilt riders aiming to increase the plan's scope of coverage. Common riders which come inbuilt include accidental death and disability benefit rider, terminal illness rider, critical illness rider, etc.
• In many plans, the death benefit is also paid in monthly installments to create a regular source of income for the family.
• Your premiums are fixed and will never go up, regardless of market conditions.
• You may be able to withdraw funds or take out a loan.
• Your death benefit is guaranteed as long as you make the required premium payments.

The purpose of a whole life policy is to provide a life cover for your family's financial protection through your working life. The policy then doubles up as an estate plan after your retirement. Thus, whole life insurance is an excellent tool for wealth transfer. As our life moves forward, our expenses continue to mount. We work hard to ensure that these expenses are not overwhelming at any life stage. However, we should always plan for future uncertainties - life insurance can help you stay financially strong during difficult times and protects your family in your absence.