Term Life Insurance Vs Traditional Life Insurance: Which Is The Better Option?

Read this for all that you need to help you make an informed decision

Life is unpredictable and no one can make any guarantees on how long one lives. Unexpected incidents can create chaos and cause mental, physical, and financial strain on families. This is why life insurance is a very important investment, especially when you have the responsibility of your family. Life insurance helps to manage risks in terms of hospitalisation expenses due to illnesses and various other emergencies. The most common types of life insurance policies are — term life insurance and traditional life insurance. Traditional life insurance provides life cover along with maturity benefits while term life insurance provides life cover and only death benefits in case the policyholder passes away during the duration of the policy. These are the following parameters one needs to take into consideration before choosing the right life insurance policy between traditional and term: 1) Death Benefit