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.