What are the differences between Term Life insurance and Whole Life insurance?
定期人壽保險與終身人壽保險有什麼分別？
Term life insurance plans are purchased for a specific time period, such as 5, 10 or 15 years. It offers benefits if death occurs during the protection period. WeCare TL1 is a term life insurance plan. Most whole life insurance plans in Hong Kong provide death benefits as well as a cash value accumulation that builds during the life of the policy. Some of your premium payment will be diverted to the cash value account and does not factor into your insurance protection. This means that in order to get the same amount of protection as a term life insurance plan, you will have to pay more.
定期人壽保險有特定保障年期，例如是5年、10年或15年，此為之定期。若受保人在保障期內不幸身故，計劃便會發放保障金額。WeCare TL1是一份定期人壽保險計劃。香港市場大部分終身人壽保險除了提供身故賠償，更會隨投保年期增長累積現金價值，投保人的部分保費亦會被調配到現金儲蓄戶口，而非全數作為保障之用。因此，你需要支付更高的保費，以獲得和定期人壽保險相同的保額。