A. Whole Life (with Cash Value) Policy
B. Term Life (without Cash Value) Policy
For Whole Life, basically TWO options you have,
1. Traditional Whole Life
For A1 (i.e. Traditional Whole Life) comes with a GUARANTEED cash value, the premium payable for a Male at the following age will be...
Check with me how much you may back get at different age.
What is Term Life?
Term insurance is insurance pure and simple. You buy a policy that pays out a set amount if you die during the period to which the policy applies. If you don't die, you get nothing (don't be disappointed, you are alive after all). The purpose of this insurance is to hold you over until you can become self-insured by your assets.
Will term life be a better option? It depends on few factors like
- how long you need the protection
- do you have surplus cash flow for saving / investment
- what type of investment you willing to take (or totally can not accept any level of risk)
It may not be true that TERM LIFE is cheaper. A investment expert say, Price is what you pay for, Value is what you will get. Cheap or expensive is a matter of VALUE, not price.
Next, we can look at A2.