Whole life insurance is a form of permanent insurance that stays with the ensured for his or her life till death provided the premiums are paid on time. It also comes with the feature of the cash source that the policyholder can use when the need arrives or it can also be surrendered if some emergency knocks at the door.

Our life is filled with many options and so is the insurance industry. But, people often mistake whole life insurance with term life insurance.

What is term life insurance?

Unlike whole life insurance, a term policy is only valid up to a specific number of years for which the policy has been brought. Although term insurance is particularly designed to give death benefits if the policyholder dies in that term.

Term insurance policies are for a shorter period as compared to whole life insurance. Apart from this, term policies usually do not accumulate cash value over the years which would be a beneficial point in whole life insurance.

Now the air has been cleared, let's focus our attention on the growth of innovative minds. Understanding the concept of the policy would help you get more clarity and inclination in saving your child.

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