You may think that life insurance is just another expense. But have you ever thought of a situation where your family would suffer an economic disaster behind you?
You should always be ready to tackle such a situation and must secure your family financially so that they will not have to compromise on their lifestyle. If you want to learn more about the whole life insurance quotes, then read this post here.
You can go for life insurance online to make it out. Since there are several life insurance; a question is often asked to list out the difference between the endowment plan and whole life insurance plan.
In this article, we have focused on differentiating between these two. Read further to know more.
What Is an Endowment plan?
An endowment plan is a type of life insurance policy where death benefits are paid to the beneficiaries in case of the demise of the life insured. If the policyholder survives the tenure of the policy, he earns the amount of sum assured in terms of maturity benefit.
What is whole life insurance?
The whole life insurance policy itself reflects nature when it comes to life insurance. You need to pay the premiums usually every month where this money is further utilized for two different sources- insurance and low-risk investments. The low-risk investments revert the cash value that helps you build a corpus.