Is term insurance policy better as compared to the other life insurance policies?

Akarsh_K3251

What has grabbed my attention were the features like the claim settlement ratio, low premium amounts, add on benefits and of course the death benefit! Any professional or experienced person who can guide me here?

Much appreciated!

Sandtree

They are for different purposes... term is to pay out if you die whilst you have financial dependents; whole of life will payout when you die and so is more suited for paying for funerals or estate planning etc

Term will be cheaper because the majority of people dont claim

tacpot12

AS sandtree says, term insurnace is for a specific purpose, but it can be used for other purposes. I bought level term insurance when I needed to protect my mortgage as it cost a few pence more than the decreasing term insurance I was being offered and it would return increasing amounts to my estate if I died. 

What do you need life insurance for?   

dunstonh

Is term insurance policy better as compared to the other life insurance policies?

There are about 13 different types of life assurance available but nowadays, only a handful are mainstream.    

A term assurance policy will be better than an alternative if it meets the objective.   If an alternative meets the objective better than term assurance then that will be the better option.

Nearly all life assurance types have very high payout rates because it is one of the easiest types of insurance to understand.  i.e. are you alive or dead.   It's really only those that lie on their application form that have issues.

Your thread in August covers off some of these points.