Life Insurance Direct What Are The Pros And Cons Of Term Insurance | Page 10

Whole Life Insurance also can be used for dividends. This means that, if a
person needs the money, they can cash out all or part it. This is better than
term insurance in that the cancelling of term insurance usually results in no
cashback.
This form of insurance also includes additional living benefits that people
usually don’t get through other forms of insurance. What’s usually included is
an accelerated death clause which allows the full payment if the owner is
diagnosed with a terminal illness.
Whole Life Insurance also includes benefits if a person is diagnosed with a
chronic illness or requires long-term care.
One Con is that, because it is a policy for life and not according to a term, the
premiums are usually higher, but so are the payouts. The premiums will
increase as people get older, however.