The difference is that Term insurance is for a certain amount of time, costs less money, and has no built-in savings plan. While Cash Value insurance is for life, costs more money and funds a savings plan. Not to mention it goes by a lot more names than Term insurance... :)
Term: hold the policy for only a certain amount of time, there is no savings plan built into it.
Cash Value: Policy for all your life; has a savings plan built into it. This is much more expensive, and the savings does not get a very good rate of return.
Term insurance covers you for a set time period, has no savings plan but is more affordable. Cash value is a life policy that does have a funded savings plan but is a bit more pricey.
Cash Value - A policy for life and it funds a savings plan. It is also more expensive than term insurance. Term Insurance - It is only for a specific period of time with no savings plan built in. It is cheaper than Cash Value.
Term is for a set amount of time that does not included a savings plan. While a Cash value life plan is for your whole life. It is more expensive and they end up keeping most of the money. Adam
term: specified period, cheaper, no savings plan built in
ReplyDeletecash value: for life, more expensive, funds a savings plan
travis
Term has no savings plan, it's all planned yourself without any help. It is much less than cash value. It's also a certain period of time.
ReplyDeleteCash value is for your entire life, this comes in a savings plan, and costs much more money.
The difference is that Term insurance is for a certain amount of time, costs less money, and has no built-in savings plan. While Cash Value insurance is for life, costs more money and funds a savings plan. Not to mention it goes by a lot more names than Term insurance... :)
ReplyDeleteAutumn
Term is for a specified period of time,its much cheaper, and there are no savings plans built in.
ReplyDeleteCash value is for your whole life, its much more expensive, and it funds a savings plan.
Term: hold the policy for only a certain amount of time, there is no savings plan built into it.
ReplyDeleteCash Value: Policy for all your life; has a savings plan built into it. This is much more expensive, and the savings does not get a very good rate of return.
Term: Insurance for a specified period that has no savings plan built into it. It is cheaper than whole life insurance.
ReplyDeleteCash Value: The policy is for life and it also funds a savings plan. It is more expensive than term life insurance.
Term Insurance: for specified period of time and no savings plan, but it's cheaper.
ReplyDeleteCash Value: policy for life and it funds a savings plan. It's also more expensive.
Term insurance covers you for a set time period, has no savings plan but is more affordable. Cash value is a life policy that does have a funded savings plan but is a bit more pricey.
ReplyDeleteCash Value - A policy for life and it funds a savings plan. It is also more expensive than term insurance.
ReplyDeleteTerm Insurance - It is only for a specific period of time with no savings plan built in. It is cheaper than Cash Value.
term is only for a specific amount of time but it's cheaper. It doesn't have a savings plan.
ReplyDeletecash value covers you for your whole life but it's much more expensive. It does have a savings plan.
eyezik
Sorry… can't think of any better way to describe it… good job everyone! :)
ReplyDeleteTerm is for a set amount of time that does not included a savings plan. While a Cash value life plan is for your whole life. It is more expensive and they end up keeping most of the money.
ReplyDeleteAdam