Individual Life Insurance
Term Life Insurance is simple. It provides coverage for a certain number of years--whatever is set out in the terms of the contract--usually from 1 to 30 years.


Why choose Term Life Insurance?

• it helps cover funeral expenses
• in cases where the deceased has a mortgage or other loans, it covers those payments
• it helps pay for education of family members

Whole Life Insurance
Many people use Whole life Insurance as a form of investment, because, like other investments, it accrues interest over time.  
Whole life policy premiums are divided into two parts: Death Benefit and Cash Value Account.

• Death Benefit. Part of the premium in a whole life policy is used to cover the cost of the death benefit coverage over the insured person’s lifetime. The so-called "death benefit" refers to the amount of money paid or due to be paid when a person insured under a life insurance policy dies. This is paid directly to the beneficiaries of the insured.
  
• Cash Value Account. The other part of a whole life policy is used to build a cash value account. The interest accrued by the cash value account, usually at a fixed rate, is comparable to that of a savings account. This money can usually be borrowed against or withdrawn in times of need or emergency--one of the things that make a whole life policy attractive to prospective buyers.