Life Insurance -
Whole life vs term life: what's best? - 09/10/2007
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Consumers still prefer term life insurance policies over whole life insurance policies, a leading independent financial advisor has revealed.
However, this could be due to consumers' lack of knowledge that guaranteed premiums can be obtained for whole of life policies through the recent introduction of fixed premiums.
Spokesperson for Life Direct Steve Wroe commented: "It is still the case that more people are opting for term instead of whole of life insurance, but many people don't know that you can get guaranteed premiums on a whole of life policy these days.
"Up until fairly recently you had reviewable premiums with whole of life policies, which meant that it was guaranteed for the first ten years, but thereafter it was reviewable and the premiums could go shooting up."
Mr Wroe also pointed out that the popularity of whole of life policies should soon increase as awareness spreads, particularly with the limitations of term life insurance.
"The trouble with a term policy is that one day that policy is going to stop working for you," he pointed out.
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