General Knowledge · Insurance and Banking
What is a primary difference between a Pure Term Insurance policy and a Whole Life Insurance policy in the context of personal risk management?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Whole life insurance does not allow for any loan facility against the policy.
- 2Term insurance premiums are significantly higher than whole life insurance premiums for the same sum assured.
- 3Whole life insurance covers the individual up to 100 years of age and includes a savings component.✓
- 4Term insurance provides a maturity benefit if the policyholder survives the term.
Correct answer
Whole life insurance covers the individual up to 100 years of age and includes a savings component.
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