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The initial premium for term insurance is lower than the initial premium for whole life insurance.
Term life insurance is for a fixed period and the premium will be fixed. Whole of life insurance is the policy for whole life, and the premium may varies.
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There are 3 to 4 requirements should an insurance policy have a declaration, policy agreement, terms, and conditions. policy period and premium amount.
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Term life insurance is a term policy where the premium cover lasts for the chosen term only.
The whole life insurance is a policy lasts for whole life permanently for a lifetime.
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