Outline four differences between whole life insurance policy and endowment insurance policy

Outline four differences between whole life insurance policy and endowment insurance policy

Whole life policy

  • covers whole life of assured
    -compensation paid only when assured dies
  • covers the family- Assured does not benefit
  • It is not saving plan for future

Endowment policy

  • Covers assuered for a specific period
  • Compensation paid upon maturity of the policy or when he or she dies
  • Assured can benefit upon maturity of policy
  • A saving plan for future use.
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